Blackstone Real Estate Income Trust (BSTT) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-55931
Entity Registrant Name	Blackstone Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-0696966
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	583-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001662972
Current Fiscal Year End Date	--12-31
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,580,138,290
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,471,346,971
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		73,716,669
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		408,603,147

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Investments in real estate, net	$ 84,817,222	$ 66,941,653
Investments in unconsolidated entities (includes $4,808,919 and $1,613,646 at fair value as of June 30, 2022 and December 31, 2021, respectively)	8,339,702	5,501,305
Investments in real estate debt	8,813,435	6,970,606
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	17,055,986
Cash and cash equivalents	2,294,725	989,674
Restricted cash	2,059,412	2,428,907
Other assets	6,008,516	6,450,733
Total assets	129,775,888	106,338,864
Liabilities and Equity
Mortgage notes, term loans, and secured revolving credit facilities, net	53,085,237	41,327,388
Secured financings of investments in real estate debt	5,397,667	4,706,632
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822	15,030,653
Due to affiliates	2,082,304	1,309,447
Other liabilities	4,993,432	4,184,148
Total liabilities	81,065,462	66,558,268
Commitments and contingencies	0	0
Redeemable non-controlling interests	468,801	750,670
Equity
Additional paid-in capital	52,620,021	42,249,094
Accumulated other comprehensive loss	(23,696)	(9,569)
Accumulated deficit and cumulative distributions	(7,548,460)	(5,631,014)
Total stockholders’ equity	45,092,241	36,645,403
Non-controlling interests attributable to third party joint ventures	1,764,988	1,744,256
Non-controlling interests attributable to BREIT OP unitholders	1,384,396	640,267
Total equity	48,241,625	39,029,926
Total liabilities and equity	129,775,888	106,338,864
Class S
Equity
Common stock value	15,438	12,543
Class I
Equity
Common stock value	24,322	20,865
Class T
Equity
Common stock value	722	573
Class D
Equity
Common stock value	$ 3,894	$ 2,911

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments in unconsolidated entities	$ 4,808,919	$ 1,613,646
Common stock, shares outstanding (in shares)	4,438,587,000	3,689,353,000
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	1,543,834,000	1,254,348,000
Common stock, shares outstanding (in shares)	1,543,834,000	1,254,348,000
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, shares issued (in shares)	2,433,206,000	2,086,631,000
Common stock, shares outstanding (in shares)	2,433,206,000	2,086,631,000
Class T
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	72,177,000	57,287,000
Common stock, shares outstanding (in shares)	72,177,000	57,287,000
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	389,370,000	291,087,000
Common stock, shares outstanding (in shares)	389,370,000	291,087,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 1,723,001	$ 810,183	$ 3,242,066	$ 1,543,638
Expenses
Operating expenses	785,411	323,078	1,455,861	616,463
General and administrative	11,753	7,789	24,859	14,749
Management fee	212,628	92,183	401,778	165,278
Performance participation allocation	211,597	299,373	623,166	442,588
Depreciation and amortization	958,349	399,621	1,873,400	800,008
Total expenses	2,179,738	1,122,044	4,379,064	2,039,086
Other income (expense)
(Loss) income from unconsolidated entities	(59,714)	70,028	124,511	104,710
(Loss) income from investments in real estate debt	(141,381)	82,107	(159,750)	284,873
Change in net assets of consolidated securitization vehicles	(43,934)	34,466	(59,609)	71,061
Net gain on dispositions of real estate	217,152	7,372	422,414	22,802
Interest expense	(415,764)	(181,520)	(722,223)	(363,052)
Loss on extinguishment of debt	(8,794)	(2,757)	(7,399)	(6,173)
Other income	291,264	125,583	824,567	233,529
Total other (expense) income	(161,171)	135,279	422,511	347,750
Net loss	(617,908)	(176,582)	(714,487)	(147,698)
Net loss (income) attributable to non-controlling interests in third party joint ventures	37,284	(264)	81,539	(323)
Net loss attributable to non-controlling interests in BREIT OP unit holders	11,614	2,089	12,270	1,736
Net loss attributable to BREIT stockholders	$ (569,010)	$ (174,757)	$ (620,678)	$ (146,285)
Net (loss) income per share of common stock — basic (in dollars per share)	$ (0.13)	$ (0.08)	$ (0.15)	$ (0.07)
Net (loss) income per share of common stock — diluted (in dollars per share)	$ (0.13)	$ (0.08)	$ (0.15)	$ (0.07)
Weighted-average shares of common stock outstanding, basic (in shares)	4,383,507	2,315,262	4,193,353	2,127,915
Weighted-average shares of common stock outstanding, diluted (in shares)	4,383,507	2,315,262	4,193,353	2,127,915
Rental revenue
Revenues
Total revenues	$ 1,449,093	$ 680,809	$ 2,752,813	$ 1,333,725
Expenses
Operating expenses	649,599	247,985	1,216,586	485,690
Hospitality
Revenues
Total revenues	197,652	102,660	344,897	160,803
Expenses
Operating expenses	135,812	75,093	239,275	130,773
Other revenue
Revenues
Total revenues	$ 76,256	$ 26,714	$ 144,356	$ 49,110

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (617,908)	$ (176,582)	$ (714,487)	$ (147,698)
Other comprehensive (loss) income:
Foreign currency translation losses, net	(34,417)	0	(41,009)	0
Unrealized gain on derivatives from unconsolidated entities	42,882	0	26,882	0
Other comprehensive income (loss)	8,465	0	(14,127)	0
Comprehensive loss	(609,443)	(176,582)	(728,614)	(147,698)
Comprehensive loss (income) attributable to non-controlling interests in third party joint ventures	37,284	(264)	81,539	(323)
Comprehensive loss attributable to non-controlling interests in BREIT OP unit holders	11,614	2,089	12,270	1,736
Comprehensive loss attributable to BREIT stockholders	$ (560,545)	$ (174,757)	$ (634,805)	$ (146,285)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock Class S	Common Stock Class I	Common Stock Class T	Common Stock Class D	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit and Cumulative Distributions	Non-controlling Interests Non- controlling Interests Attributable to BREIT OP Unitholders	Non-controlling Interests Non- controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2020	$ 16,183,951	$ 15,852,726	$ 7,029	$ 9,270	$ 459	$ 1,241	$ 19,059,045	$ 0	$ (3,224,318)	$ 187,972	$ 143,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	8,518,463	8,518,463	2,180	4,371	44	566	8,511,302
Offering costs	(291,617)	(291,617)					(291,617)
Distribution reinvestment	323,396	323,396	118	125	7	21	323,125
Common stock/units repurchased	(752,467)	(750,888)	(109)	(506)	(8)	(13)	(750,252)			(1,450)	(129)
Amortization of compensation awards	2,115	246		2			244			1,869
Net income (loss)	(147,160)	(146,285)							(146,285)	(1,734)	859
Other comprehensive loss	0
Distributions declared on common stock	(637,873)	(637,873)							(637,873)
Contributions from non-controlling interests	89,292									72,466	16,826
Distributions to and redemptions of non-controlling interests	(15,965)									(8,973)	(6,992)
Allocation to redeemable non-controlling interests	(9,650)	(9,650)					(9,650)
Ending Balance at Jun. 30, 2021	23,262,485	22,858,518	9,218	13,262	502	1,815	26,842,197	0	(4,008,476)	250,150	153,817
Beginning Balance at Mar. 31, 2021	18,439,116	18,042,112	7,835	10,427	471	1,470	21,507,160	0	(3,485,251)	254,072	142,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	5,600,039	5,600,039	1,363	2,919	30	339	5,595,388
Offering costs	(184,323)	(184,323)					(184,323)
Distribution reinvestment	173,222	173,222	61	67	4	11	173,079
Common stock/units repurchased	(242,717)	(242,557)	(41)	(152)	(3)	(5)	(242,356)			(160)
Amortization of compensation awards	817	125		1			124			692
Net income (loss)	(176,387)	(174,757)							(174,757)	(2,087)	457
Other comprehensive loss	0
Distributions declared on common stock	(348,468)	(348,468)							(348,468)
Contributions from non-controlling interests	16,747									2,150	14,597
Distributions to and redemptions of non-controlling interests	(8,686)									(4,517)	(4,169)
Allocation to redeemable non-controlling interests	(6,875)	(6,875)					(6,875)
Ending Balance at Jun. 30, 2021	23,262,485	22,858,518	9,218	13,262	502	1,815	26,842,197	0	(4,008,476)	250,150	153,817
Beginning Balance at Dec. 31, 2021	39,029,926	36,645,403	12,543	20,865	573	2,911	42,249,094	(9,569)	(5,631,014)	640,267	1,744,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	14,327,089	14,327,089	2,974	5,620	154	991	14,317,350
Offering costs	(506,758)	(506,758)					(506,758)
Distribution reinvestment	655,415	655,415	154	245	8	39	654,969
Common stock/units repurchased	(4,146,056)	(4,128,340)	(233)	(2,504)	(13)	(47)	(4,125,543)			(17,716)	0
Amortization of compensation awards	19,685	9,600		96			9,504			10,085
Net income (loss)	(709,965)	(620,678)							(620,678)	(16,354)	(72,933)
Other comprehensive loss	(14,127)	(14,127)						(14,127)
Distributions declared on common stock	(1,296,768)	(1,296,768)							(1,296,768)
Contributions from non-controlling interests	1,027,665									802,463	225,202
Distributions to and redemptions of non-controlling interests	(98,138)	67,748					67,748			(34,349)	(131,537)
Allocation to redeemable non-controlling interests	(46,343)	(46,343)					(46,343)
Ending Balance at Jun. 30, 2022	48,241,625	45,092,241	15,438	24,322	722	3,894	52,620,021	(23,696)	(7,548,460)	1,384,396	1,764,988
Beginning Balance at Mar. 31, 2022	45,510,078	42,690,796	14,264	23,493	651	3,399	48,981,309	(32,161)	(6,300,159)	1,138,775	1,680,507
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	6,320,813	6,320,813	1,275	2,342	76	512	6,316,608
Offering costs	(221,460)	(221,460)					(221,460)
Distribution reinvestment	348,115	348,115	80	129	4	21	347,881
Common stock/units repurchased	(2,882,451)	(2,872,907)	(181)	(1,698)	(9)	(38)	(2,870,981)			(9,544)
Amortization of compensation awards	10,717	5,583		56			5,527			5,134
Net income (loss)	(614,582)	(569,010)							(569,010)	(12,586)	(32,986)
Other comprehensive loss	8,465	8,465						8,465
Distributions declared on common stock	(679,291)	(679,291)							(679,291)
Contributions from non-controlling interests	506,669									282,302	224,367
Distributions to and redemptions of non-controlling interests	(54,808)	71,777					71,777			(19,685)	(106,900)
Allocation to redeemable non-controlling interests	(10,640)	(10,640)					(10,640)
Ending Balance at Jun. 30, 2022	$ 48,241,625	$ 45,092,241	$ 15,438	$ 24,322	$ 722	$ 3,894	$ 52,620,021	$ (23,696)	$ (7,548,460)	$ 1,384,396	$ 1,764,988

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ (3,326)	$ (195)	$ (4,522)	$ (538)
Distributions declared on common stock (in dollars per share)	$ 0.1671	$ 0.1615	$ 0.3333	$ 0.3215

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (714,487)	$ (147,698)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	401,778	165,278
Performance participation allocation	623,166	442,588
Depreciation and amortization	1,873,400	800,008
Net gain on dispositions of real estate	(422,414)	(22,802)
Loss on extinguishment of debt	7,399	6,173
Unrealized (gain) on changes in fair value of financial instruments	(11,723)	(492,756)
Realized (gain) loss on sale of real estate-related equity securities	(345,615)	13,703
Income from unconsolidated entities	(124,511)	(104,710)
Distributions of earnings from unconsolidated entities	116,584	52,215
Other items	(35,826)	(18,598)
Change in assets and liabilities:
(Increase) decrease in other assets	(203,382)	(70,386)
Increase (decrease) in due to affiliates	6,102	(1,880)
Increase (decrease) in other liabilities	179,825	52,107
Net cash provided by operating activities	1,350,296	673,242
Cash flows from investing activities:
Acquisitions of real estate	(16,170,481)	(2,087,840)
Capital improvements to real estate	(437,775)	(171,046)
Proceeds from disposition of real estate	1,236,089	94,977
Refunds of (pre-acquisition costs/deposits)	41,376	(51,025)
Investment in unconsolidated entities	(2,835,351)	(364,758)
Return of capital from unconsolidated entities	18,056	0
Purchase of investments in real estate debt	(4,235,040)	(1,092,842)
Proceeds from sale/repayment of investments in real estate debt	1,617,660	321,914
Purchase of real estate-related equity securities	(1,195,329)	(955,601)
Proceeds from sale of real estate-related equity securities	3,163,322	0
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles	1,053,400	3,357
Proceeds from settlement of derivative contracts	73,309	0
Collateral posted under derivative contracts	(16,111)	0
Net cash used in investing activities	(17,686,875)	(4,302,864)
Cash flows from financing activities:
Proceeds from issuance of common stock	12,064,697	7,843,419
Offering costs paid	(144,572)	(69,527)
Subscriptions received in advance	1,006,346	2,072,884
Repurchase of common stock	(2,942,412)	(643,916)
Repurchase of management fee shares	0	(172,230)
Borrowings under mortgage notes, term loans, and secured revolving credit facilities	15,726,691	737,274
Repayments of mortgage notes, term loans, and secured revolving credit facilities	(7,723,172)	(1,064,309)
Borrowings under secured financings of investments in real estate debt	1,785,858	0
Repayments of secured financings of investments in real estate debt	(1,056,483)	(1,782,500)
Borrowings under affiliate unsecured revolving credit facility	0	60,000
Repayments of affiliate unsecured revolving credit facility	0	(60,000)
Payment of deferred financing costs	(179,503)	(18,119)
Redemption of redeemable non-controlling interest	(26,639)	(111,949)
Redemption of affiliate service provider incentive compensation awards	0	(1,083)
Contributions from non-controlling interests	412,822	15,687
Distributions to and redemptions of non-controlling interests	(118,759)	(13,459)
Distributions	(599,378)	(279,488)
Borrowings of senior obligations of consolidated securitization vehicles	66,656	0
Repayment of senior obligations of consolidated securitization vehicles	(993,622)	(3,357)
Net cash provided by financing activities	17,278,530	6,509,327
Net change in cash and cash equivalents and restricted cash	941,951	2,879,705
Cash and cash equivalents and restricted cash, beginning of period	3,418,581	1,044,523
Effects of currency translation on cash, cash equivalents and restricted cash	(6,395)	0
Cash and cash equivalents and restricted cash, end of period	4,354,137	3,924,228
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	2,294,725	1,680,991
Restricted cash	2,059,412	2,243,237
Total cash and cash equivalents and restricted cash	4,354,137	3,924,228
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	3,698,779	0
Assumption of other assets and liabilities in conjunction with acquisitions of real estate	76,162	12,725
Issuance of BREIT OP units as consideration for acquisitions of real estate	203,700	0
Assumption of other liabilities in conjunction with acquisitions	0	9,249
Accrued pre-acquisition costs	15	5,647
Accrued capital expenditures and acquisition related costs	25,408	12,392
Accrued distributions	45,808	35,257
Accrued stockholder servicing fee due to affiliate	367,248	223,489
Redeemable non-controlling interest issued as settlement of performance participation allocation	237,924	192,648
Allocation to redeemable non-controlling interest	46,343	9,650
Distribution reinvestment	655,415	323,396
Accrued common stock repurchases	1,290,632	68,283
Payable for unsettled investments in real estate debt	0	200,263
Receivable for unsettled investments in real estate debt	87,313	29,564
Gain on buyout of non-controlling interest	71,777	0
Consolidation of securitization vehicles	2,348,079	3,590,853
Deconsolidation of securitization vehicles	0	758,500
Class I Shares
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	128,205	12,246
Class B Units
Non-cash investing and financing activities:
Exchange of redeemable non-controlling interest	$ 434,717	$ 68,453

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) invests primarily in stabilized income-generating commercial real estate in the United States. To a lesser extent, the Company invests outside the U.S. and in real estate debt. The Company is the sole general partner and majority limited partner of BREIT Operating Partnership, L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly-owned subsidiary of Blackstone Inc. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”). The Adviser is part of the real estate group of Blackstone, a leading global investment manager. The Company was formed on November 16, 2015 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company registered an offering with the Securities and Exchange Commission (the “SEC”) of up to $60.0 billion in shares of common stock, consisting of up to $48.0 billion in shares in its primary offering and up to $12.0 billion in shares pursuant to its distribution reinvestment plan, which the Company began using to offer shares of its common stock in March 2022 (the “Current Offering”). As of June 30, 2022, the Company had received aggregate net proceeds of $59.8 billion from selling shares of the Company’s common stock through the Current Offering, prior offerings registered with the SEC, and in unregistered private offerings. The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Current Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The Company intends to continue selling shares on a monthly basis. As of June 30, 2022, the Company owned 4,917 properties and 26,203 single family rental homes. The Company currently operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, and Office properties, and Investments in Real Estate Debt. Rental Housing includes multifamily and other types of rental housing such as manufactured, student, affordable and single family rental housing, as well as senior living. Net Lease includes the real estate assets of The Bellagio Las Vegas (the “Bellagio”), The Cosmopolitan of Las Vegas (the “Cosmopolitan”) and the unconsolidated interest in the MGM Grand and Mandalay Bay joint venture. Any additional unconsolidated interests are included in the respective property segment as further described in Note 4 — Investments in Unconsolidated Entities. Financial results by segment are reported in Note 16 — Segment Reporting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the Company’s condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC. The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. Refer to Note 4 — Investments in Unconsolidated Entities for additional details on the Company’s investments in unconsolidated entities. BREIT OP and each of the Company’s joint ventures are considered to be a VIE or VOE. The Company consolidates these entities, excluding certain equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. The Company owns Controlling Class Securities in certain CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these Controlling Class Securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities, require consolidation of these securitizations, which are considered VIEs under GAAP. As of June 30, 2022, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $52.1 billion and $37.6 billion, respectively, compared to $45.8 billion and $32.7 billion as of December 31, 2021. Such amounts are included on the Company’s Condensed Consolidated Balance Sheets. Adjustment to Prior Period Financial Statements In connection with the preparation of the Company’s condensed consolidated financial statements for the period ended June 30, 2022, the Company determined that it should have consolidated certain securitization vehicles in previously issued financial statements. These consolidations result from certain subordinate securities that the Company owns in CMBS securitizations (such securities, “Controlling Class Securities”), as part of its portfolio of investments in real estate debt. These Controlling Class Securities typically give the Company the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Under GAAP, the presence of such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities, require the Company to consolidate these securitizations, which are considered VIEs. See Principles of Consolidation section above for further discussion of VIEs. As discussed further below, consolidation of these securitizations results in (i) a gross presentation of the Company’s Condensed Consolidated Balance Sheets, (ii) the reclassification of the change in net assets of the securitization vehicles on the Company’s Condensed Consolidated Statements of Operations, and (iii) the gross presentation of securitization vehicles on the Company's Condensed Consolidated Statements of Cash Flows, but has no impact on the economic exposure or performance of the Company. The consolidation of these securitizations results in the inclusion of the underlying collateral loans as assets on the Company’s Condensed Consolidated Balance Sheets and the inclusion of the senior CMBS positions owned by third-parties as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, the change in net assets of the consolidated securitization vehicles during a given period is presented separately on the Company’s Condensed Consolidated Statements of Operations, whereas it was previously included in income from investments in real estate debt. The Company’s Condensed Consolidated Statements of Cash Flows includes the consolidation of the securitization vehicles as a non-cash item, the subsequent repayments of consolidated loans and related CMBS positions are presented on a gross basis, and the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles are reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows. Further, the assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. Accordingly, while consolidation of the securitizations increases the gross presentation of the Company’s Condensed Consolidated Balance Sheets, it does not change the economic exposure or performance of the Company, which remains limited to that of the actual CMBS securities that it holds directly and not the consolidated securitized loans. The following tables detail the immaterial adjustments to the Company’s previously issued condensed consolidated financial statements to reflect the consolidation of these securitizations at such time, which presentation is comparable to the Company’s condensed consolidated financial statements as of June 30, 2022. The following table details the adjustments to the Company's Condensed Consolidated Balance Sheets ($ in thousands): Year ended December 31, 2021 As Reported Adjustment As Adjusted Assets Investments in real estate debt $ 8,995,939 $ (2,025,333) $ 6,970,606 Real estate loans held by consolidated securitization vehicles, at fair value — 17,055,986 17,055,986 Total assets 91,308,211 15,030,653 106,338,864 Liabilities and Equity Senior obligations of consolidated securitization vehicles, at fair value — 15,030,653 15,030,653 Total liabilities 51,527,615 15,030,653 66,558,268 Equity Total equity $ 39,029,926 $ — $ 39,029,926 The following table details the adjustments to the Company's Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended June 30, 2021 As Reported Adjustment As Adjusted Other income (expense) Income from investments in real estate debt $ 116,573 $ (34,466) $ 82,107 Change in net assets of consolidated securitization vehicles — 34,466 34,466 Total other income (expense) 135,279 — 135,279 Net Loss $ (176,582) $ — $ (176,582) Six Months Ended June 30, 2021 As Reported Adjustment As Adjusted Other income (expense) Income from investments in real estate debt $ 355,934 $ (71,061) $ 284,873 Change in net assets of consolidated securitization vehicles — 71,061 71,061 Total other income (expense) 347,750 — 347,750 Net Loss $ (147,698) $ — $ (147,698) The following table details the adjustments to the Company's Condensed Consolidated Statements of Cash Flows ($ in thousands): Six Months Ended June 30, 2021 As Reported Adjustment As Adjusted Cash flows from investing activities: Proceeds from paydowns of real estate loans held by consolidated securitization vehicles — 3,357 3,357 Net cash used in investing activities (4,306,221) 3,357 (4,302,864) Cash flows from financing activities: Repayment of senior obligations of consolidated securitization vehicles — (3,357) (3,357) Net cash provided by financing activities $ 6,512,684 $ (3,357) $ 6,509,327 Non-cash investing and financing activities: Consolidation of securitization vehicles $ — $ 3,590,853 $ 3,590,853 Deconsolidation of securitization vehicles $ — $ 758,500 $ 758,500 Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company believes the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2022, however uncertainty over the ultimate impact of novel coronavirus (“COVID-19”), rising inflation and increases in interest rates on the global economy generally, and the Company's business in particular, makes any estimates and assumptions as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19, macroeconomic changes, and geopolitical events. Actual results may ultimately differ materially from those estimates. Consolidated Securitization Vehicles The Company consolidates certain CMBS securitizations within its financial statements. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, as the changes in fair value include the interest income and interest expense associated with such CMBS VIEs. Management does not consider the separate presentation of the components of fair value changes to be relevant. Management has elected to present these items in aggregate as “Change in net assets of consolidated securitization vehicles” on the Company’s Condensed Consolidated Statements of Operations; the residual difference between the fair value of the trusts' assets and liabilities represents the Company’s beneficial interest in such consolidated securitization vehicles. The Company’s Condensed Consolidated Statements of Cash Flows includes the consolidation of the securitization vehicles as a non-cash item, the subsequent repayments of consolidated loans and related CMBS positions are presented on a gross basis, and the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles are reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of June 30, 2022 and December 31, 2021, the Company’s investments in real estate debt, directly or indirectly, consisted of CMBS and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of June 30, 2022 (Level 2 inputs). In determining the fair value, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company’s investment in a private real estate company is reflected at its fair value as of June 30, 2022 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. The Company’s equity securities are recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized gains and losses from investments in equity securities of public and private real estate-related companies are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2022, the Company recognized $327.2 million and $452.5 million of unrealized losses, respectively, on its investments in equity securities. During the three and six months ended June 30, 2021, the Company recognized $142.5 million and $224.8 million of unrealized gains, respectively, on its investments in equity securities. The Company has elected the FVO for 11 of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the real estate assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs). The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 7,258,602 $ 1,554,833 $ 8,813,435 $ — $ 5,730,269 $ 1,240,337 $ 6,970,606 Real estate loans held by consolidated securitization vehicles, at fair value — 17,442,876 — 17,442,876 — 16,590,050 465,936 17,055,986 Equity securities 313,687 307,999 224,408 846,094 2,558,952 442,300 224,408 3,225,660 Investments in unconsolidated entities — — 4,808,919 4,808,919 — — 1,613,646 1,613,646 Interest rate and foreign currency hedging derivatives (1) — 1,419,069 — 1,419,069 — 41,453 — 41,453 Total $ 313,687 $ 26,428,546 $ 6,588,160 $ 33,330,393 $ 2,558,952 $ 22,804,072 $ 3,544,327 $ 28,907,351 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,491,616 $ 15,206 $ 15,506,822 $ — $ 14,545,992 $ 484,661 $ 15,030,653 Interest rate and foreign currency hedging derivatives (2) — 3,833 — 3,833 — 45,597 — 45,597 Total $ — $ 15,495,449 $ 15,206 $ 15,510,655 $ — $ 14,591,589 $ 484,661 $ 15,076,250 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Real estate loans held by consolidated securitization vehicles, Senior obligation of consolidated securitization vehicles, at fair value Total Balance as of December 31 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 465,936 $ 484,661 $ 4,028,988 Purchases 1,058,888 — 3,005,648 — — 4,064,536 Sales and repayments (697,766) — — — — (697,766) Distributions received — — (28,046) — — (28,046) Included in net income Income from unconsolidated entities measured at fair value — — 217,671 — — 217,671 Realized loss included in income (loss) from investments in real estate debt (66,020) — — — — (66,020) Unrealized gain included in income (loss) from investments in real estate debt 19,394 — — — — 19,394 Unrealized gain included in change in net assets of consolidated securitization vehicles — — — — (839) (839) Transfers out of Level 3 — — — (465,936) (468,616) (934,552) Balance as of June 30, 2022 $ 1,554,833 $ 224,408 $ 4,808,919 $ — $ 15,206 $ 6,603,366 The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate debt $ 1,554,833 Discounted cash flow Market Yield 6.9% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase Investments in unconsolidated entities $ 4,270,610 Discounted cash flow Discount Rate 6.4% Decrease Exit Capitalization Rate 5.0% Decrease Weighted Average Cost of Capital 6.5% Decrease $ 538,309 Market comparable LTM EBITDA Multiple 13.3x Increase Liabilities Senior obligation of consolidated securitization vehicles, at fair value $ 15,206 Third Party Price Single Broker Quote N/A Increase December 31, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Real estate loans held by consolidated securitization vehicles, at fair value $ 465,936 Third Party Price Single Broker Quote N/A Increase Liabilities Senior obligation of consolidated securitization vehicles, at fair value $ 484,661 Third Party Price Single Broker Quote N/A Increase Valuation of assets measured at fair value on a nonrecurring basis Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter and when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. Valuation of liabilities not measured at fair value As of June 30, 2022, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $1.0 billion below carrying value. As of December 31, 2021, the fair value of the Company’s mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities was $108.6 million above carrying value. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3. Stock-Based Compensation The Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), and April Housing, all of which are indirect, wholly-owned subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basis over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (784) $ 2,641 2.5 years 2022 — 34,705 (8,432) 26,273 2.5 years Total $ 3,425 $ 34,705 $ (9,216) $ 28,914 Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices (collectively, “IBORs”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of June 30, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): June 30, 2022 December 31, 2021 Building and building improvements $ 70,066,653 $ 53,954,920 Land and land improvements 17,260,431 14,652,913 Furniture, fixtures and equipment 1,262,833 963,686 Right of use asset - operating leases (1) 473,657 461,186 Right of use asset - financing leases (1) 72,862 72,862 Total 89,136,436 70,105,567 Accumulated depreciation and amortization (4,319,214) (3,163,914) Investments in real estate, net $ 84,817,222 $ 66,941,653 (1) Refer to Note 15 for additional details on the Company’s leases. Acquisitions The following table details the properties acquired during the six months ended June 30, 2022 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Rental Housing properties (2)(3) $ 12,631,468 14 115 34,231 units Net Lease properties 4,026,768 1 1 6,901 sq. ft. Office properties (3) 1,261,608 3 7 2,176 sq. ft. Retail properties (3) 1,097,412 — 51 5,598 sq. ft. Self storage properties 542,335 6 34 2,913 sq. ft. Data center properties 331,184 1 3 792 sq. ft. Industrial properties 218,360 3 13 1,666 sq. ft. $ 20,109,135 28 224 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes 3,306 wholly-owned single family rental homes, that are not included in the number of properties. (3) Purchase price for the acquisition of Preferred Apartment Communities (“PAC”) includes 45 rental housing properties, 51 retail properties and 3 office properties. The acquisition of PAC is included as a single transaction in the number of transactions column for Rental Housing properties. The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2022 ($ in thousands): Amount Building and building improvements $ 16,504,856 Land and land improvements 2,810,910 Furniture, fixtures and equipment 198,982 In-place lease intangibles 620,352 Above-market lease intangibles 15,178 Below-market lease intangibles (121,374) Other 80,231 Total purchase price 20,109,135 Assumed debt (1) 3,698,779 Net purchase price $ 16,410,356 (1) Refer to Note 7 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, and below-market lease intangibles of the properties acquired during the six months ended June 30, 2022 were three six Dispositions The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Rental Housing properties (1) 15 $ 325,757 $ 84,335 22 $ 771,176 $ 268,366 Industrial properties 26 339,107 132,817 35 464,913 154,048 41 $ 664,864 $ 217,152 57 $ 1,236,089 $ 422,414 Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Rental Housing properties 1 $ 21,054 $ 7,372 5 $ 94,977 $ 22,802 1 $ 21,054 $ 7,372 5 $ 94,977 $ 22,802 (1) Net proceeds and net gain include 162 and 285 single family rental homes sold during the three and six months ended June 30, 2022, respectively, that are not included in the number of properties. Properties Held for Sale As of June 30, 2022, 23 properties in the Rental Housing segment and one property in the Industrial segment were classified as held for sale. The held for sale assets and liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets. The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: June 30, 2022 Investments in real estate, net $ 221,137 Other assets 6,453 Total assets $ 227,590 Liabilities: Mortgage notes, net $ 80,837 Other liabilities 3,740 Total liabilities $ 84,577 Impairment The Company reviews its real estate investments for impairment each quarter and when there is an event or change in circumstances that indicates an impaired value. If the GAAP depreciated cost basis of a real estate investment exceeds the expected undiscounted future cash flows of such real estate investment, the investment is considered impaired and the GAAP depreciated cost basis is reduced to the estimated fair value of the investment. During the three and six months ended June 30, 2022 and 2021 , the Company did not recognize any impairment charge.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company holds investments in joint ventures that it accounts for under the equity method of accounting, as the Company’s ownership interest in each joint venture does not meet the requirements for consolidation. The joint ventures include 10,360 single family rental properties, 125 affordable housing rental properties, 2,196 industrial properties, 58 data center properties, seven retail properties, two net lease properties and one office property. Refer to Note 2 for additional details. The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership June 30, December 31, 2021 Unconsolidated entities at historical cost: QTS Data Centers (1) Data Centers 1 35.7% $ 1,331,835 $ 1,394,359 MGM Grand & Mandalay Bay Net Lease 1 49.9% 824,939 822,736 Rental Housing investments Rental Housing 130 12.2% - 52.0% 1,023,056 1,074,832 Industrial investments (2) Industrial 6 10.0% - 55.0% 247,626 497,491 Retail investments Retail 2 50.0% 103,327 98,241 Total unconsolidated entities at historical cost 140 3,530,783 3,887,659 Unconsolidated entities at fair value: Industrial investments (3) Industrial 9 7.9% - 85.0% 3,637,368 1,613,646 Office investments Office 1 49.0% 545,339 — Data Center investments (4) Data Centers 1 12.4% 626,212 — Total unconsolidated entities at fair value 11 4,808,919 1,613,646 Total 151 $ 8,339,702 $ 5,501,305 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes $247.6 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (3) Includes $2.7 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $626.2 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (47,347) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 25,100 25,136 Rental Housing investments Rental Housing 12.2% - 52.0% (28,398) — Industrial investments Industrial 10.0% - 55.0% (901) — Retail investments Retail 50.0% 330 — Total unconsolidated entities at historical cost (51,216) 25,136 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% (24,266) 44,892 Office investments Office 49.0% 15,096 — Data Center investments Data Centers 12.4% 672 — Total unconsolidated entities at fair value (8,498) 44,892 Total $ (59,714) $ 70,028 For the Six Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (85,816) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 50,374 50,482 Rental Housing investments Rental Housing 12.2% - 52.0% (57,198) — Industrial investments Industrial 10.0% - 55.0% (662) — Retail investments Retail 50.0% 141 — Total unconsolidated entities at historical cost (93,161) 50,482 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% 200,214 54,228 Office investments Office 49.0% 16,786 — Data Center investments Data Centers 12.4% 672 Total unconsolidated entities at fair value 217,672 54,228 Total $ 124,511 $ 104,710

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company’s investments in real estate debt ($ in thousands): June 30, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) L+3.8% 1/6/2030 $ 6,983,711 $ 6,966,546 $ 6,576,923 RMBS 4.2% 1/19/2053 428,399 415,685 364,704 Corporate bonds 4.9% 6/13/2030 230,473 230,430 198,673 Total real estate securities 4.8% 3/16/2031 7,642,583 7,612,661 7,140,300 Commercial real estate loans L+5.6% 3/10/2026 1,497,265 1,502,788 1,477,588 Other investments (5) 3.7% 7/25/2029 220,636 192,519 195,547 Total investments in real estate debt 5.1% 4/30/2030 $ 9,360,484 $ 9,307,968 $ 8,813,435 December 31, 2021 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) L+3.5% 8/8/2033 $ 5,097,318 $ 5,068,099 $ 5,029,942 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 Total real estate securities 3.6% 3/29/2034 5,380,438 5,350,074 5,311,102 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (5) 3.7% 7/25/2029 227,958 198,909 198,788 Total investments in real estate debt 3.7% 3/7/2032 $ 7,083,013 $ 7,022,790 $ 6,970,606 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of June 30, 2022 and December 31, 2021, the Company had interest rate swaps outstanding with a notional value of $1.6 billion and $1.1 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $1.2 billion as of both June 30, 2022 and December 31, 2021. In addition, CMBS includes zero-coupon securities of $6.3 million as of June 30, 2022. There were no such securities as of December 31, 2021. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt. The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2022 December 31, 2021 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,725,443 $ 2,580,682 29% $ 2,597,948 $ 2,573,935 37% Hospitality 2,273,836 2,144,529 24% 1,866,683 1,848,015 27% Rental Housing (2) 1,904,996 1,790,205 21% 1,250,446 1,261,455 18% Net Lease 865,725 856,972 10% 8,885 8,779 –% Other 671,668 640,902 7% 331,169 328,745 5% Office 515,797 461,333 5% 546,548 527,148 8% Diversified 350,503 338,812 4% 403,737 405,569 5% Retail — — —% 17,374 16,960 –% Total $ 9,307,968 $ 8,813,435 100% $ 7,022,790 $ 6,970,606 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family homes. The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): June 30, 2022 December 31, 2021 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A 107,178 99,927 1% 127,118 125,420 2% BBB 1,131,090 1,102,300 13% 340,326 337,509 5% BB 2,193,277 2,043,351 23% 1,446,160 1,441,879 21% B 1,771,063 1,634,025 19% 1,459,218 1,436,271 21% CCC 24,338 18,585 —% 24,338 24,242 —% Private commercial real estate loans 1,666,214 1,646,126 19% 1,598,701 1,585,738 23% Not rated (2) 2,414,808 2,269,121 25% 2,026,929 2,019,547 28% Total $ 9,307,968 $ 8,813,435 100% $ 7,022,790 $ 6,970,606 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of June 30, 2022, not rated positions have a weighted-average LTV at origination of 63.9% and are primarily composed of 60.4% industrial and 29.3% multifamily assets, and includes interest-only securities with a fair value of $24.2 million. The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest income $ 169,544 $ 14,615 $ 282,817 $ 21,217 Unrealized (loss) gain (328,144) 72,790 (552,290) 202,672 Realized (loss) gain (90,528) 11,945 (88,144) 14,539 Total (249,128) 99,350 $ (357,617) $ 238,428 Income from interest rate swaps and other derivatives 86,816 (11,228) 170,791 39,352 Income from secured financings of investments in real estate debt (1) 27,523 (4,985) 38,343 8,818 Other loss (6,592) (1,030) (11,267) (1,725) Total (loss) income from investments in real estate debt $ (141,381) $ 82,107 $ (159,750) $ 284,873 (1) Represents unrealized and realized gains. The Company’s investments in real estate debt included certain CMBS and loans collateralized by properties owned by Blackstone-advised investment vehicles. The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, June 30, 2022 December 31, 2021 2022 2021 2022 2021 CMBS $ 1,894,029 $ 3,099,694 $ (108,148) $ 32,969 $ (130,775) $ 102,312 Commercial real estate loans 891,456 556,571 (10,390) 14,473 (11,529) (4,099) Total $ 2,785,485 $ 3,656,265 $ (118,538) $ 47,442 $ (142,304) $ 98,213 The Company acquired such affiliated CMBS from third-parties on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in such CMBS as long as the Blackstone-advised investment vehicles either own the properties collateralizing, loans underlying, or have an interest in a different part of the capital structure related to such CMBS. The Company acquired Commercial real estate loans to borrowers that are partially owned by Blackstone-advised investment vehicles. The Company has forgone all non-economic rights under these loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrowers. These loans were negotiated by third parties without the Company's involvement. As of June 30, 2022 and December 31, 2021, the Company’s investments in real estate debt also included $2.0 billion and $1.4 billion, respectively, of CMBS collateralized, in part, by certain of the Company’s mortgage notes. The Company recognized $47.8 million and $76.5 million of loss related to such CMBS during the three and six months ended June 30, 2022, respectively. The Company recognized $11.4 million of income and $18.3 million of loss related to such CMBS during the three and six months ended June 30, 2021, respectively. For additional information regarding the Company’s investments in affiliated real estate debt, see Note 5 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The terms and conditions of such affiliated real estate debt held as of June 30, 2022 are consistent with the terms described in such Note.

Consolidated Securitization Veh

Consolidated Securitization Vehicles	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company has acquired the Controlling Class Securities of certain CMBS securitizations resulting in the consolidation of such securitizations on its Condensed Consolidated Balance Sheets. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. The assets of any particular consolidated securitization can only be used to satisfy the liabilities of that securitization and such assets are not available to the Company for any other purpose. Similarly, the senior CMBS obligations of these securitizations can only be satisfied through repayment of the underlying collateral loans, as they do not have any recourse to the Company or its assets, nor has the Company provided any guarantees with respect to the performance or repayment of the senior CMBS obligations. The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): June 30, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 293 $ 18,346,196 $ 17,442,876 +3.1% 3/3/2025 Senior obligations of consolidated securitization vehicles 23 16,223,320 15,506,822 +2.7% 8/19/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 23 $ 2,122,876 $ 1,936,054 +4.1% 3/27/2025 December 31, 2021 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 173 $ 16,873,465 $ 17,055,986 +2.4% 10/2/2024 Senior obligations of consolidated securitization vehicles 22 14,780,036 15,030,653 +2.1% 3/14/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 2,093,429 $ 2,025,333 +3.6% 11/01/2024 (1) The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and one-month SOFR, as applicable to each securitized debt obligation. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Notes, Term Loans, and

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): June 30, 2022 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2022 December 31, 2021 Fixed rate loans: Fixed rate mortgages (4) 3.6% 11/4/2028 N/A $ 23,797,788 $ 19,086,525 Variable rate loans: Variable rate mortgages and term loans L+2.1% 10/1/2026 N/A 25,945,002 20,004,365 Variable rate secured revolving credit facilities (5) L+1.7% 7/1/2026 $ 4,506,500 1,811,373 1,614,550 Variable rate warehouse facilities (6) L+1.8% 11/10/2025 $ 6,112,500 1,958,792 794,141 Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 71,100 Total variable rate loans L+2.1% 9/3/2026 29,786,267 22,484,156 Total loans secured by real estate 3.7% 8/20/2027 53,584,055 41,570,681 (Discount) premium on assumed debt, net (104,253) 68,706 Deferred financing costs, net (394,565) (311,999) Mortgage notes, term loans, and secured revolving credit facilities, net $ 53,085,237 $ 41,327,388 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR as applicable to each loan. As of June 30, 2022, we have outstanding interest rate swaps with an aggregate notional balance of $22.2 billion that mitigate our exposure to potential future interest rates increase under our floating-rate debt. (2) Weighted average maturity assumes maximum maturity date (including any extensions), where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $333.8 million and $396.3 million of loans related to our investment in affordable housing properties as of June 30, 2022 and December 31, 2021, respectively. Such loans are generally with municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval. The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of June 30, 2022 ($ in thousands): Year Amount 2022 (remaining) $ 163,240 2023 653,637 2024 5,114,566 2025 7,300,843 2026 16,583,111 2027 12,132,796 Thereafter 11,635,862 Total $ 53,584,055 The Company repaid certain of its loans in conjunction with the sale or a refinancing of the underlying property and incurred a net realized loss on extinguishment of debt of $8.8 million and $7.4 million, respectively, for the three and six months ended June 30, 2022. The Company incurred a net realized loss on extinguishment of debt of $2.8 million and $6.2 million, respectively, for the three and six months ended June 30, 2021. Gains on extinguishment of debt resulted primarily from the acceleration of mortgage premiums and losses on extinguishment of debt resulted primarily from the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2022
Disclosure of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	Secured Financings of Investments in Real Estate Debt The Company has entered into master repurchase agreements and other financing agreements secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of the financed investments decline. The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): June 30, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,886,525 $ 7,795,822 L+1.2% 5/25/2023 Commercial real estate loans 163,483 251,512 L+1.9% 4/2/2024 Corporate bonds 111,824 156,514 L+1.0% 6/3/2023 RMBS 235,835 322,004 L+1.1% 5/18/2023 $ 5,397,667 $ 8,525,852 L+1.2% December 31, 2021 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Unsecured Revolving Credit Faci

Unsecured Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facilities	Unsecured Revolving Credit Facilities The Company is party to an unsecured line of credit with multiple banks. The credit facility expires on February 21, 2025 and may be extended for one year. Interest under the credit facility is determined based on SOFR plus 2.5%. As of June 30, 2022, the capacity of the unsecured line of credit was $3.7 billion. As of June 30, 2022, the Company had a $10.0 million letter of credit outstanding, which reduced the line of credit capacity of the unsecured credit facility. No such letter of credit was outstanding as of December 31, 2021. There were no outstanding borrowings on the line of credit as of June 30, 2022 and December 31, 2021. The Company is party to an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $75.0 million with an affiliate of Blackstone (“Lender”). The Line of Credit expires on January 22, 2023, and may be extended for up to 12 months, subject to Lender approval. The interest rate is equivalent to the then-current rate offered to the Company by a third-party lender, or, if no such rate is available, LIBOR plus 2.5%. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). As of June 30, 2022 and December 31, 2021, the Company had no outstanding balance under the Line of Credit.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates ($ in thousands): June 30, 2022 December 31, 2021 Accrued stockholder servicing fee $ 1,602,840 $ 1,235,592 Performance participation allocation 385,242 — Accrued management fee 71,908 56,607 Accrued affiliate service provider expenses 19,813 12,880 Advanced organization and offering costs 1,023 2,045 Other 1,478 2,323 Total $ 2,082,304 $ 1,309,447 Accrued Stockholder Servicing Fee The Company accrues the full amount of the future stockholder servicing fees payable to Blackstone Securities Partners L.P. (the “Dealer Manager”), a registered broker dealer affiliated with the Adviser, for Class S, Class T, and Class D shares, up to the 8.75% of gross proceeds limit, at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s share as part of its continuous public offering, that provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee, and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Performance Participation Allocation The Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return. Total return is defined as distributions paid or accrued plus the change in the Company’s Net Asset Value (“NAV”), adjusted for subscriptions and repurchases. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner only after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other BREIT OP unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately measured on a calendar year basis and will be paid quarterly in Class I or Class B units of BREIT OP or cash, at the election of the Special Limited Partner. To date, the Special Limited Partner has always elected to be paid in a combination of Class I and Class B units, resulting in a non-cash expense. Effective March 4, 2022, following the end of each calendar quarter that is not also the end of a calendar year, the Special Limited Partner will be entitled to a performance participation allocation as described above calculated in respect of the portion of the year to date, less any performance participation allocation received with respect to prior quarters in that year (the “Quarterly Allocation”). The performance participation allocation that the Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year. If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year the Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a “Quarterly Shortfall”), then subsequent distributions of any Quarterly Allocations or year-end Performance Allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end Performance Allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the “Quarterly Shortfall Obligation”) until such time as no Quarterly Shortfall Obligation remains; provided, that the Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay BREIT OP the remaining Quarterly Shortfall Obligation in cash. During the three and six months ended June 30, 2022, the Company recognized $211.6 million and $623.2 million, respectively, of Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2021, the Company recognized $299.4 million and $442.6 million, respectively, of Performance Participation Allocation expense in the Company’s Condensed Consolidated Statements of Operations. The Company issued 16.1 million Class I units in BREIT OP to the Special Limited Partner as payment for $237.9 million of previously accrued performance participation allocation. The remaining $385.3 million of the performance participation allocation expense relating to the six month period ended June 30, 2022, is recorded as a liability within Due to Affiliates on the Condensed Consolidated Balance Sheets. Subsequent to June 30, 2022, the Company issued 8.1 million Class I units in BREIT OP to the Special Limited Partner based on the NAV per Class I unit as of June 30, 2022, as partial payment for $122.6 million of the performance participation allocation. At the election of the Special Limited Partner, each Class I unit is redeemable for cash or Class I shares (on a one-for-one basis). On December 31, 2021, the Company issued 96.4 million Class I units in BREIT OP to the Special Limited Partner as payment of the 2021 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Also on December 31, 2021, and immediately following (i) the issuance of the Class I units and (ii) the record time for the December 2021 distributions on the Company’s Class I shares, 55.2 million Class I units in BREIT OP were exchanged for 55.2 million unregistered Class I shares in the Company. In January 2022, subsequent to the issuance of the Class I shares and Class I units, 4.7 million of such Class I units were exchanged for 4.7 million Class B units, 37.8 million of such Class I shares and 1.9 million of such Class I units were redeemed for $566.6 million, and 9.0 million of such units were exchanged for 9.0 million unregistered Class I shares in the Company. In January 2021, the Company issued 15.5 million Class I units and 1.1 million Class B units in BREIT OP to the Special Limited Partner as payment of the 2020 performance participation allocation. Such units were issued at the NAV per unit as of December 31, 2021. Subsequent to the issuance of the Class I units and Class B units, 9.7 million of such units were redeemed for $111.9 million, and 1.1 million of such units were exchanged for unregistered Class I shares in the Company. As of August 15, 2022, Blackstone and its employees, including the Company’s executive officers, owned shares of common stock of the Company and Class I and Class B units of BREIT OP in an aggregate amount of $2.1 billion (based on the NAV per share/unit as of June 30, 2022). Accrued Management Fee The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of the Company’s common stock, or BREIT OP units. To date, the Adviser has elected to receive the management fee in shares of the Company’s common stock, resulting in a non-cash expense. During the three and six months ended June 30, 2022, the Company incurred management fees of $212.6 million and $401.8 million, respectively. During the three and six months ended June 30, 2021, the Company incurred management fees of $92.2 million and $165.3 million, respectively. Accrued affiliate service provider expenses and incentive compensation awards The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s properties and any such arrangements will be at or below market rates. The Company also engaged such portfolio companies for transaction support services related to acquisitions and dispositions, and such costs were either (i) capitalized to Investments in Real Estate or (ii) included as part of the gain (loss) on sale. The Company has engaged BPP MFNY Employer LLC (“Beam Living”), a portfolio company owned by Blackstone-advised investment vehicles, to provide, as applicable, operational services (including, without limitation, construction and project management), management services, loan management services, corporate support services (including, without limitation, accounting, information technology, legal, tax and human resources) and transaction support services for certain of the Company’s multifamily properties in New York City. The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 2022 2021 Link Industrial Properties LLC $ 24,753 $ 15,831 $ 2,344 $ 188 $ 1,206 $ 575 LivCor, LLC 21,115 10,193 2,218 315 1,623 1,196 BRE Hotels and Resorts LLC 4,897 2,762 372 (5) — — ShopCore Properties TRS Management LLC 4,309 1,471 125 9 1,209 42 Revantage Corporate Services, LLC 6,098 726 — — — Equity Office Management, LLC 593 352 74 8 230 — Longview Senior Housing Advisors, LLC 442 — — — — — Beam Living — — — — 59 — Total $ 62,207 $ 31,335 $ 5,133 $ 515 $ 4,327 $ 1,813 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Link Industrial Properties LLC $ 43,886 $ 31,959 $ 4,688 $ 605 $ 2,238 $ 818 LivCor, LLC 35,093 20,918 4,435 697 3,314 2,075 BRE Hotels and Resorts LLC 8,381 5,443 563 127 — — ShopCore Properties TRS Management LLC 6,166 2,895 250 25 1,213 82 Revantage Corporate Services, LLC 10,930 1,379 — — — — Equity Office Management, LLC 1,015 964 149 16 230 — Longview Senior Housing Advisors, LLC 870 — — — — — Beam Living — — — — 59 — Total $ 106,341 $ 63,558 $ 10,085 $ 1,470 $ 7,054 $ 2,975 The Company issues incentive compensation awards to certain employees of affiliate portfolio company service providers that entitles them to receive an allocation of the Company’s total return over a certain hurdle amount, as determined by the Company. The vesting condition that is based on the Company achieving of certain returns over a hurdle amount is considered a market condition. The achievement of total returns over the hurdle amount, which affects the quantity of awards that vest, is considered a performance condition. If it is considered probable that the performance condition will be met, these awards are amortized over the four-year service period, as adjusted for forfeitures. As of June 30, 2022, the Company has determined it is probable that the performance condition will be met and has amortized the value of such awards over the applicable service period. None of Blackstone, the Adviser, or the affiliate portfolio company service providers receive any incentive compensation from the aforementioned arrangements. During the three and six months ended June 30, 2022, the Company amortized $5.1 million and $10.1 million, respectively, of affiliate service provider incentive compensation awards. During the three and six months ended June 30, 2021, the Company amortized $0.5 million and $1.5 million, respectively, of affiliate service provider incentive compensation awards. The following table details the incentive compensation awards ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (760) $ 760 0.5 years 2020 — — — — — 2021 37,201 — (6,200) 31,001 2.5 years 2022 — 25,000 (3,125) 21,875 3.5 years $ 38,721 $ 25,000 $ (10,085) $ 53,636 Affiliate service provider expenses and incentive compensation awards are included as a component of Rental Property Operating and Hospitality Operating expense, as applicable, in the Company’s Condensed Consolidated Statements of Operations. Transaction support service fees were capitalized to Investments in Real Estate on the Company’s Condensed Consolidated Balance Sheets. Neither Blackstone nor the Adviser receives any fees from these arrangements. For further details on the Company’s relationships with its affiliated service providers, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Other As of June 30, 2022 and December 31, 2021, the Adviser had advanced $1.5 million and $2.3 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Affiliate Title Service Provider During the six months ended June 30, 2022, the Company paid Lexington National Land Services $8.9 million for title services related to 32 investments and such costs were either (i) capitalized to Investments in Real Estate or (ii) recorded as deferred financing costs, which is a reduction to Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities on the Condensed Consolidated Balance Sheets. For additional information regarding this affiliate relationship, see Note 9 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Captive Insurance Company Other As of December 31, 2021, the Company had a receivable of $3.9 million from LivCor, L.L.C. and such amount is included in Other Assets on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2022, there was no such receivable.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets ($ in thousands): June 30, 2022 December 31, 2021 Real estate intangibles, net $ 1,565,601 $ 1,487,436 Interest rate and foreign currency hedging derivatives 1,419,069 41,453 Equity securities 846,094 3,225,660 Receivables, net 623,968 381,201 Straight-line rent receivable 348,615 275,200 Single family rental homes risk retention securities 300,718 233,525 Held for sale assets 227,590 196,244 Prepaid expenses 197,482 151,188 Deferred leasing costs, net 105,580 84,990 Pre-acquisition costs 101,702 153,659 Deferred financing costs, net 90,124 51,535 Other 181,973 168,642 Total $ 6,008,516 $ 6,450,733 The following table details the components of other liabilities ($ in thousands): June 30, 2022 December 31, 2021 Stock repurchases payable $ 1,290,632 $ 100,540 Subscriptions received in advance 1,006,346 1,746,910 Accounts payable and accrued expenses 382,389 265,754 Intangible liabilities, net 373,570 288,643 Real estate taxes payable 308,561 211,063 Accrued interest expense 243,302 215,757 Distribution payable 235,950 190,143 Tenant security deposits 222,122 172,308 Securitized debt obligations, net 197,200 200,953 Right of use lease liability - operating leases 191,271 180,453 Prepaid rental income 101,022 125,250 Held for sale liabilities 84,577 114,377 Right of use lease liability - financing leases 76,384 75,730 Other 280,106 296,267 Total $ 4,993,432 $ 4,184,148

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2022 December 31, 2021 Intangible assets In-place lease intangibles $ 2,051,798 $ 1,920,331 Indefinite life intangibles 104,182 104,182 Above-market lease intangibles 73,764 60,383 Other intangibles 146,344 69,634 Total intangible assets 2,376,088 2,154,530 Accumulated amortization In-place lease amortization (762,713) (628,163) Above-market lease amortization (27,450) (22,993) Other intangibles amortization (20,324) (15,938) Total accumulated amortization (810,487) (667,094) Intangible assets, net $ 1,565,601 $ 1,487,436 Intangible liabilities Below-market lease intangibles $ 488,375 $ 377,132 Total intangible liabilities 488,375 377,132 Accumulated amortization Below-market lease amortization (114,805) (88,489) Total accumulated amortization (114,805) (88,489) Intangible liabilities, net $ 373,570 $ 288,643 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2022 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 (remaining) $ 426,862 $ 6,674 $ 7,891 $ (38,964) 2023 242,755 9,759 15,452 (71,439) 2024 168,775 7,659 15,166 (59,516) 2025 125,962 6,149 15,162 (49,262) 2026 96,442 4,867 15,029 (39,131) 2027 67,696 3,348 14,627 (27,546) Thereafter 160,593 7,858 42,693 (87,712) $ 1,289,085 $ 46,314 $ 126,020 $ (373,570)

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships. Interest Rate Contracts Certain of the Company’s transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company’s real estate in addition to its secured financings of investments in real estate debt. The Company uses derivative financial instruments, which includes interest rate swaps, and may also include interest rate caps, options, floors, and other interest rate derivative contracts, to limit the Company’s exposure to the future variability of interest rates. The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): June 30, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 38 $ 22,154,600 1.9% LIBOR, SOFR, EURIBOR 8.1 Interest Rate Caps - Property debt 53 $ 14,755,937 3.5% LIBOR, SOFR, SIFMA 1.1 Interest Rate Swaps - Investments in real estate debt 70 $ 1,576,710 1.4% LIBOR, SOFR 4.6 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 Foreign Currency Forward Contracts Certain of the Company’s international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): June 30, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 165,944 10 € 552,513 Buy USD / Sell GBP Forward 8 £ 124,581 7 £ 267,368 Buy EUR / Sell USD Forward — € — 1 € 5,978 Buy GBP / Sell USD Forward — £ — 3 £ 15,396 Valuation and Financial Statement Impact The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Interest rate derivatives $ 1,410,064 $ 41,123 $ 3,833 $ 38,062 Foreign currency forward contracts 9,005 330 — 7,535 Total Derivatives $ 1,419,069 $ 41,453 $ 3,833 $ 45,597 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets. The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Three Months Ended June 30, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (loss) (1) $ 614,075 $ (27,348) Interest Rate Swap – Investments in real estate debt Realized gain (loss) (2) 10,326 (274) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) (2) 21,500 (11,492) Foreign Currency Forward Contract Realized gain (loss) (2) 41,639 (4,102) Foreign Currency Forward Contract Unrealized gain (2) 13,351 4,640 Interest Rate Caps - Property debt Unrealized gain (3) 18,765 — $ 719,656 $ (38,576) Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Six Months Ended June 30, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (loss) (1) $ 1,250,065 $ (10,147) Interest Rate Swap – Investments in real estate debt Realized gain (loss) (2) 10,326 (14,964) Interest Rate Swap – Investments in real estate debt Unrealized gain (2) 81,209 42,930 Foreign Currency Forward Contract Realized gain (loss) (2) 62,983 (8,580) Foreign Currency Forward Contract Unrealized gain (2) 16,273 19,965 Interest Rate Caps - Property debt Unrealized gain (3) 64,104 — $ 1,484,960 $ 29,204 (1) Included in Other Income in the Company's Condensed Consolidated Statements of Operations. (2) Included in (Loss) Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Interest Expense in the Company's Condensed Consolidated Statements of Operations. Credit-Risk Related Contingent Features The Company has entered into agreements with certain of its derivative counterparties that contain provisions whereby if the Company were to default on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default under its derivative obligations. In addition, certain of the Company’s agreements with its derivative counterparties require the Company to post collateral based on a percentage of derivative notional amounts and/or to secure net liability positions. As of June 30, 2022, the Company posted collateral of $21.2 million with two of its counterparties as required under the derivative contracts. As of December 31, 2021, the Company was in a net liability position with one of its derivative counterparties and posted collateral of $5.1 million under the derivative contract.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of June 30, 2022, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000 Common Stock The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2022 Class S Class I Class T Class D Total March 31, 2022 1,426,428 2,350,144 65,057 339,949 4,181,578 Common stock issued 127,562 239,928 7,601 51,140 426,231 Distribution reinvestment 7,961 12,923 404 2,090 23,378 Common stock repurchased (18,117) (169,789) (885) (3,809) (192,600) June 30, 2022 1,543,834 2,433,206 72,177 389,370 4,438,587 Six Months Ended June 30, 2022 Class S Class I Class T Class D Total December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353 Common stock issued 297,429 572,532 15,352 99,044 984,357 Distribution reinvestment 15,395 24,483 769 3,943 44,590 Common stock repurchased (23,338) (250,440) (1,231) (4,704) (279,713) June 30, 2022 1,543,834 2,433,206 72,177 389,370 4,438,587 Share and Unit Repurchases For the three months ended June 30, 2022, the Company repurchased 192.6 million shares of common stock and 0.6 million BREIT OP units for a total of $2.9 billion and $9.5 million, respectively. For the six months ended June 30, 2022, the Company repurchased 279.7 million shares of common stock and 3.1 million BREIT OP units for a total of $4.1 billion and $46.3 million, respectively. The Company had no unfulfilled repurchase requests during the six months ended June 30, 2022. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended June 30, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1671 $ 0.1671 $ 0.1671 $ 0.1671 Stockholder servicing fee per share of common stock (0.0318) — (0.0313) (0.0091) Net distributions declared per share of common stock $ 0.1353 $ 0.1671 $ 0.1358 $ 0.1580 Six Months Ended June 30, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3333 $ 0.3333 $ 0.3333 $ 0.3333 Stockholder servicing fee per share of common stock (0.0627) — (0.0617) (0.0180) Net distributions declared per share of common stock $ 0.2706 $ 0.3333 $ 0.2716 $ 0.3153 Redeemable Non-controlling Interest In connection with its performance participation interest, the Special Limited Partner holds Class I units in BREIT OP. See Note 10 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for Class I shares in the Company or cash, at the election of the Special Limited Partner, the Company has classified these Class I units as Redeemable Non-controlling Interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the six months ended June 30, 2022 and 2021 ($ in thousands): Six Months Ended June 30, 2022 2021 Balance at the beginning of the year $ 589,900 $ 274 Settlement of current year performance participation allocation 237,924 — Settlement of prior year performance participation allocation — 192,648 Repurchases (26,639) (111,949) Conversion to Class I and Class B units (434,717) (68,453) Conversion to Class I shares (128,205) (12,246) GAAP income allocation (1,852) (1) Distributions (2,690) (8) Fair value allocation 7,125 34 Ending balance $ 240,846 $ 299 In addition to the Special Limited Partner’s interest noted above, certain of the Company’s third party joint ventures also have a redeemable non-controlling interest in such joint ventures. As of June 30, 2022 and December 31, 2021, $228.0 million and $160.8 million, respectively, related to such third party joint ventures was included in Redeemable Non-controlling Interests on the Company’s Condensed Consolidated Balance Sheets. The Redeemable Non-controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income (loss) and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment of $10.6 million and $46.3 million, during the three and six months ended June 30, 2022, respectively, between Additional Paid-in Capital and Redeemable Non-controlling Interest.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s rental housing, industrial, net lease, data centers, self storage, retail, and office properties. Leases at the Company’s industrial, data centers, retail, and office properties generally include a fixed base rent, and certain leases also contain a variable rent component. The variable component of the Company’s operating leases at its industrial, data centers, retail, and office properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s rental housing properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Rental revenue earned from leases at the Company’s self storage properties primarily consist of a fixed base rent only. Rental revenue from leases at the Company’s net lease properties consists of a fixed annual rent that escalates annually throughout the term of the applicable leases, and the tenant is generally responsible for all property-related expenses, including taxes, insurance, and maintenance. Both of the Company's net lease properties are leased to a single tenant. The Company assessed the lease classification of the net lease properties and determined the leases were both operating leases. The Company’s assessment included the consideration of the present value of the applicable lease payments over the lease terms and the residual value of the leased assets. Leases at the Company’s industrial, net lease, data centers, retail, and office properties are generally longer term (greater than 12 months in length), and may contain extension and termination options at the lessee’s election. Often, these leases have annual escalations that are tied to the CPI index. Leases at the Company’s rental housing and self storage properties are short term in nature, generally not greater than 12 months in length. The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease payments $ 1,358,425 $ 616,068 $ 2,570,963 $ 1,207,108 Variable lease payments 90,668 64,741 181,850 126,617 Rental revenue $ 1,449,093 $ 680,809 $ 2,752,813 $ 1,333,725 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 2022 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 (remaining) $ 720,385 2023 1,410,117 2024 1,274,613 2025 1,140,933 2026 1,017,211 2027 831,734 Thereafter 9,270,034 Total $ 15,665,027 Lessee Certain of the Company’s investments in real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of June 30, 2022, the Company had 57 ground leases classified as operating and three ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and two of the Company’s operating leases contain renewal options, one for an additional 99 year term and the other for an additional 10 year term. The following table details the future lease payments due under the Company’s ground leases as of June 30, 2022 ($ in thousands): Operating Financing 2022 (remaining) $ 4,692 $ 2,045 2023 9,420 4,150 2024 9,528 4,266 2025 9,780 4,385 2026 9,899 4,507 2027 10,285 4,633 Thereafter 1,038,665 564,142 Total undiscounted future lease payments 1,092,269 588,128 Difference between undiscounted cash flows and discounted cash flows (900,998) (511,744) Total lease liability $ 191,271 $ 76,384 The Company utilized its incremental borrowing rate, which was between 5% and 7%, to determine its lease liabilities. As of June 30, 2022, the weighted average remaining lease term of the Company’s operating leases and financing leases was 66 years and 79 years, respectively. Payments under the Company’s ground leases primarily contain fixed payment components that may include periodic increases based on an index or periodic fixed percentage escalations. One of the Company’s ground leases contains a variable component based on a percentage of revenue. The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed ground rent expense $ 2,264 $ 1,025 $ 4,533 $ 2,046 Variable ground rent expense 5 26 10 26 Total cash portion of ground rent expense 2,269 1,051 4,543 2,072 Straight-line ground rent expense 3,217 1,643 6,070 3,290 Total operating lease costs $ 5,486 $ 2,694 $ 10,613 $ 5,362 The following table details the fixed and variable components of the Company’s financing leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest on lease liabilities $ 997 $ 759 $ 1,993 $ 1,518 Amortization of right-of-use assets 330 252 654 499 Total financing lease costs $ 1,327 $ 1,011 $ 2,647 $ 2,017

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingThe Company operates in nine reportable segments: Rental Housing, Industrial, Net Lease, Data Centers, Hospitality, Self Storage, Retail, Office properties, and Investments in Real Estate Debt. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): June 30, 2022 December 31, 2021 Rental Housing $ 54,676,426 $ 44,167,486 Industrial 22,194,033 20,898,801 Net Lease 9,052,940 5,219,519 Hospitality 3,078,446 3,084,271 Office 2,780,382 1,232,392 Self Storage 2,368,258 1,886,376 Data Centers 2,834,619 1,905,660 Retail 2,799,047 1,689,575 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 28,079,720 24,221,005 Other (Corporate) 1,912,017 2,033,779 Total assets $ 129,775,888 $ 106,338,864 The following table details the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 864,047 $ 338,790 $ 116,226 $ 11,247 $ — $ 54,280 $ 35,587 $ 28,916 $ — $ 1,449,093 Hospitality revenue — — — — 197,652 — — — — 197,652 Other revenue 59,580 6,235 — — 4,376 4,271 600 1,194 — 76,256 Total revenues 923,627 345,025 116,226 11,247 202,028 58,551 36,187 30,110 — 1,723,001 Expenses: Rental property operating 487,712 110,709 310 1,890 2 26,660 13,874 8,442 — 649,599 Hospitality operating — — — — 135,812 — — — — 135,812 Total expenses 487,712 110,709 310 1,890 135,814 26,660 13,874 8,442 — 785,411 (Loss) income from unconsolidated entities (28,398) (25,167) 25,100 (46,675) — — 330 15,096 — (59,714) Loss from investments in real estate debt — — — — — — — — (141,381) (141,381) Changes in net assets of consolidated securitization vehicles — — — — — — — — (43,934) (43,934) (Loss) income from investments in equity securities (1) (207,182) (49,129) 31,028 — — — — (93,139) — (318,422) Segment net operating income (loss) $ 200,335 $ 160,020 $ 172,044 $ (37,318) $ 66,214 $ 31,891 $ 22,643 $ (56,375) $ (185,315) $ 374,139 Depreciation and amortization $ (602,376) $ (204,705) $ (40,253) $ (3,557) $ (27,758) $ (33,669) $ (30,792) $ (15,239) $ — $ (958,349) General and administrative $ (11,753) Management fee (212,628) Performance participation allocation (211,597) Net gain on dispositions of real estate 217,152 Interest expense (415,764) Gain on extinguishment of debt (8,794) Other income 609,686 Net loss $ (617,908) Net loss attributable to non-controlling interests in third party joint ventures $ 37,284 Net loss attributable to non-controlling interests in BREIT OP 11,614 Net loss attributable to BREIT stockholders $ (569,010) (1) Included within other income on the Condensed Consolidated Statements of Operations and includes $327.4 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the three months ended June 30, 2021 ($ in thousands): Rental Housing Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 302,095 $ 230,503 $ 82,794 $ 6,405 $ — $ 33,673 $ 14,667 $ 10,672 $ — $ 680,809 Hospitality revenue — — — — 102,660 — — — — 102,660 Other revenue 18,476 2,144 — — 3,318 2,161 457 158 — 26,714 Total revenues 320,571 232,647 82,794 6,405 105,978 35,834 15,124 10,830 — 810,183 Expenses: Rental property operating 150,642 71,326 249 865 — 17,253 4,626 3,024 — 247,985 Hospitality operating — — — — 75,093 — — — — 75,093 Total expenses 150,642 71,326 249 865 75,093 17,253 4,626 3,024 — 323,078 Income from unconsolidated entities — 44,892 25,136 — — — — — — 70,028 Income from investments in real estate debt — — — — — — — — 82,107 82,107 Changes in net assets of consolidated securitization vehicles — — — — — — — — 34,466 34,466 Income from investments in equity securities (2) 95,442 33,769 22,085 — — — — 2,344 — 153,640 Segment net operating income $ 265,371 $ 239,982 $ 129,766 $ 5,540 $ 30,885 $ 18,581 $ 10,498 $ 10,150 $ 116,573 $ 827,346 Depreciation and amortization $ (167,944) $ (134,124) $ (28,637) $ (2,525) $ (22,869) $ (32,063) $ (6,575) $ (4,884) $ — $ (399,621) General and administrative $ (7,789) Management fee (92,183) Performance participation allocation (299,373) Net gain on dispositions of real estate 7,372 Interest expense (181,520) Loss on extinguishment of debt (2,757) Other income (28,057) Net income $ (176,582) Net income attributable to non-controlling interests in third party joint ventures $ (264) Net income attributable to non-controlling interests in BREIT OP 2,089 Net income attributable to BREIT stockholders $ (174,757) (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations and includes $142.5 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,643,284 $ 679,558 $ 199,021 $ 19,428 $ — $ 99,487 $ 66,960 $ 45,075 $ — $ 2,752,813 Hospitality revenue — — 344,897 — — — — 344,897 Other revenue 114,229 12,370 — — 7,035 7,410 1,107 2,205 — 144,356 Total revenues 1,757,513 691,928 199,021 19,428 351,932 106,897 68,067 47,280 — 3,242,066 Expenses: Rental property operating 907,264 221,238 606 3,162 — 47,691 23,793 12,832 — 1,216,586 Hospitality operating — — — — 239,275 — — — — 239,275 Total expenses 907,264 221,238 606 3,162 239,275 47,691 23,793 12,832 — 1,455,861 (Loss) income from unconsolidated entities (57,198) 199,552 50,374 (85,144) — — 141 16,786 — 124,511 Loss from investments in real estate debt — — — — — — — (159,750) (159,750) Changes in net assets of consolidated securitization vehicles — — — — — — — — (59,609) (59,609) (Loss) income from investments in equity securities (1) (282,683) (56,625) 27,334 — — — — (107,609) — (419,583) Segment net operating income (loss) $ 510,368 $ 613,617 $ 276,123 $ (68,878) $ 112,657 $ 59,206 $ 44,415 $ (56,375) $ (219,359) $ 1,271,774 Depreciation and amortization $ (1,175,344) $ (413,071) $ (68,890) $ (7,114) $ (54,834) $ (65,001) $ (66,073) $ (23,073) $ — $ (1,873,400) General and administrative $ (24,859) Management fee (401,778) Performance participation allocation (623,166) Net gain on dispositions of real estate 422,414 Interest expense (722,223) Gain on extinguishment of debt (7,399) Other income 1,244,150 Net loss $ (714,487) Net loss attributable to non-controlling interests in third party joint ventures $ 81,539 Net loss attributable to non-controlling interests in BREIT OP 12,270 Net loss attributable to BREIT stockholders $ (620,678) (1) Included within other income on the Condensed Consolidated Statements of Operations and includes $452.5 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the six months ended June 30, 2021 ($ in thousands): Rental Housing Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 590,548 $ 451,247 $ 165,589 $ 12,421 $ — $ 64,648 $ 29,097 $ 20,175 $ — $ 1,333,725 Hospitality revenue — — — — 160,803 — — — — 160,803 Other revenue 32,540 5,994 — — 4,994 4,157 1,214 211 — 49,110 Total revenues 623,088 457,241 165,589 12,421 165,797 68,805 30,311 20,386 — 1,543,638 Expenses: Rental property operating 290,583 144,149 470 1,914 — 32,961 9,535 6,078 — 485,690 Hospitality operating — — — — 130,773 — — — — 130,773 Total expenses 290,583 144,149 470 1,914 130,773 32,961 9,535 6,078 — 616,463 Income from unconsolidated entities — 54,228 50,482 — — — — — — 104,710 Loss from investments in real estate debt — — — — — — — — 284,873 284,873 Changes in net assets of consolidated securitization vehicles — — — — — — — — 71,061 71,061 Income from investments in equity securities (2) 151,495 55,411 30,963 — — — — 6,882 — 244,751 Segment net operating income $ 484,000 $ 422,731 $ 246,564 $ 10,507 $ 35,024 $ 35,844 $ 20,776 $ 21,190 $ 355,934 $ 1,632,570 Depreciation and amortization $ (335,986) $ (263,495) $ (57,136) $ (5,049) $ (45,576) $ (69,814) $ (14,185) $ (8,767) $ — $ (800,008) General and administrative (14,749) Management fee (165,278) Performance participation allocation (442,588) Impairment of investments in real estate — Net gain on dispositions of real estate 22,802 Interest income 95 Interest expense (363,147) Loss on extinguishment of debt (6,173) Other income (11,222) Net loss $ (147,698) Net loss attributable to non-controlling interests in third party joint ventures $ (323) Net loss attributable to non-controlling interests in BREIT OP 1,736 Net loss attributable to BREIT stockholders $ (146,285) (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations and includes $224.8 million net unrealized/realized loss related to such equity securities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 9, 2022, the Company, through a joint venture with certain affiliates, acquired all of the outstanding shares of common stock of American Campus Communities, Inc., a publicly traded REIT and the largest developer, owner and manager of high-quality student housing communities in the United States, in an all-cash transaction valued at approximately $12.8 billion, including the assumption of debt. The Company owns 69% of the joint venture. Subsequent to June 30, 2022, the Company closed a $1.6 billion unsecured term loan that matures in July 2025. The Company received $1.4 billion of initial proceeds with $0.2 billion of future funding capacity. two

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements, including the condensed notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the Company’s condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC. The accompanying condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiaries, and joint ventures in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected a fair value option are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the fair value option (“FVO”), the Company records its share of net asset value of the entity and any related unrealized gains and losses. Refer to Note 4 — Investments in Unconsolidated Entities for additional details on the Company’s investments in unconsolidated entities. BREIT OP and each of the Company’s joint ventures are considered to be a VIE or VOE. The Company consolidates these entities, excluding certain equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests. The Company owns Controlling Class Securities in certain CMBS securitizations that give the Company certain rights with respect to the underlying loans that serve as collateral for the CMBS securitization. In particular, these Controlling Class Securities typically give the holder the right to direct certain activities of the securitization on behalf of all securityholders, which could impact the securitization's overall economic performance. Such rights, along with the obligation to absorb losses and receive benefits from the ownership of the Controlling Class Securities, require consolidation of these securitizations, which are considered VIEs under GAAP.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company believes the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2022, however uncertainty over the ultimate impact of novel coronavirus (“COVID-19”), rising inflation and increases in interest rates on the global economy generally, and the Company's business in particular, makes any estimates and assumptions as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19, macroeconomic changes, and geopolitical events. Actual results may ultimately differ materially from those estimates.
Consolidated Securitization Vehicles	Consolidated Securitization Vehicles The Company consolidates certain CMBS securitizations within its financial statements. The consolidation of these securitizations results in a gross presentation of the underlying collateral loans as discrete assets, as well as inclusion of the senior CMBS positions owned by third-parties, which are presented as liabilities on the Company’s Condensed Consolidated Balance Sheets. Additionally, as the changes in fair value include the interest income and interest expense associated with such CMBS VIEs. Management does not consider the separate presentation of the components of fair value changes to be relevant. Management has elected to present these items in aggregate as “Change in net assets of consolidated securitization vehicles” on the Company’s Condensed Consolidated Statements of Operations; the residual difference between the fair value of the trusts' assets and liabilities represents the Company’s beneficial interest in such consolidated securitization vehicles. The Company’s Condensed Consolidated Statements of Cash Flows includes the consolidation of the securitization vehicles as a non-cash item, the subsequent repayments of consolidated loans and related CMBS positions are presented on a gross basis, and the Company's purchases and sales of non-controlling securities in consolidated securitization vehicles are reclassed from investing activities to financing activities. There is no impact from consolidation on the Company’s total equity, net income, cash flows from operating activities, or net cash flows.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt are reported at fair value. As of June 30, 2022 and December 31, 2021, the Company’s investments in real estate debt, directly or indirectly, consisted of CMBS and residential mortgage-backed securities (“RMBS”), which are securities backed by one or more mortgage loans secured by real estate assets, as well as corporate bonds, term loans, mezzanine loans, and other investments in debt issued by real estate-related companies or secured by real estate assets. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each security, and incorporate specific collateral performance, as applicable. Certain of the Company’s investments in real estate debt, such as mezzanine loans and other investments, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. Refer to Note 5 for additional details on the Company’s investments in real estate debt. The Company has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS securitizations it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. The Company’s investments in equity securities of public and private real estate-related companies are reported at fair value. In determining the fair value of public equity securities, the Company utilizes the closing price of such securities in the principal market in which the security trades (Level 1 inputs). The Company’s investment in a preferred equity security is reflected at its fair value as of June 30, 2022 (Level 2 inputs). In determining the fair value, the Company utilizes inputs such as stock volatility, discount rate, and risk-free interest rate. The Company’s investment in a private real estate company is reflected at its fair value as of June 30, 2022 (Level 3 inputs). To determine the fair value, the Company utilizes inputs such as the multiples of comparable companies and select financial statement metrics. The Company’s equity securities are recorded as a component of Other Assets on the Company’s Condensed Consolidated Balance Sheets. The resulting unrealized gains and losses from investments in equity securities of public and private real estate-related companies are recorded as a component of Other Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2022, the Company recognized $327.2 million and $452.5 million of unrealized losses, respectively, on its investments in equity securities. During the three and six months ended June 30, 2021, the Company recognized $142.5 million and $224.8 million of unrealized gains, respectively, on its investments in equity securities. The Company has elected the FVO for 11 of its investments in unconsolidated entities and therefore, reports these investments at fair value. The Company separately values the assets and liabilities of the equity method investments. To determine the fair value of the real estate assets of the equity method investments, the Company utilizes a discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investment by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used in determining the Company’s equity method investments carried at fair value are considered Level 3. The Company’s derivative financial instruments are reported at fair value and consist of foreign currency and interest rate contracts. The fair values of the Company’s foreign currency and interest rate contracts were estimated using a third-party derivative specialist, based on contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads (Level 2 inputs).
Stock-Based Compensation	Stock-Based CompensationThe Company’s stock-based compensation consists of incentive compensation awards issued to certain employees of affiliate portfolio company service providers and certain employees of Simply Self Storage, Home Partners of America (“HPA”), and April Housing, all of which are indirect, wholly-owned subsidiaries of BREIT. Such awards vest over the life of the awards and stock-based compensation expense is recognized for these awards on a straight-line basis over the applicable vesting period of each award, based on the value of the awards on their grant date, as adjusted for forfeitures. The awards are subject to service periods ranging from three
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices (collectively, “IBORs”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of June 30, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table details the adjustments to the Company's Condensed Consolidated Balance Sheets ($ in thousands): Year ended December 31, 2021 As Reported Adjustment As Adjusted Assets Investments in real estate debt $ 8,995,939 $ (2,025,333) $ 6,970,606 Real estate loans held by consolidated securitization vehicles, at fair value — 17,055,986 17,055,986 Total assets 91,308,211 15,030,653 106,338,864 Liabilities and Equity Senior obligations of consolidated securitization vehicles, at fair value — 15,030,653 15,030,653 Total liabilities 51,527,615 15,030,653 66,558,268 Equity Total equity $ 39,029,926 $ — $ 39,029,926 The following table details the adjustments to the Company's Condensed Consolidated Statements of Operations ($ in thousands): Three Months Ended June 30, 2021 As Reported Adjustment As Adjusted Other income (expense) Income from investments in real estate debt $ 116,573 $ (34,466) $ 82,107 Change in net assets of consolidated securitization vehicles — 34,466 34,466 Total other income (expense) 135,279 — 135,279 Net Loss $ (176,582) $ — $ (176,582) Six Months Ended June 30, 2021 As Reported Adjustment As Adjusted Other income (expense) Income from investments in real estate debt $ 355,934 $ (71,061) $ 284,873 Change in net assets of consolidated securitization vehicles — 71,061 71,061 Total other income (expense) 347,750 — 347,750 Net Loss $ (147,698) $ — $ (147,698) The following table details the adjustments to the Company's Condensed Consolidated Statements of Cash Flows ($ in thousands): Six Months Ended June 30, 2021 As Reported Adjustment As Adjusted Cash flows from investing activities: Proceeds from paydowns of real estate loans held by consolidated securitization vehicles — 3,357 3,357 Net cash used in investing activities (4,306,221) 3,357 (4,302,864) Cash flows from financing activities: Repayment of senior obligations of consolidated securitization vehicles — (3,357) (3,357) Net cash provided by financing activities $ 6,512,684 $ (3,357) $ 6,509,327 Non-cash investing and financing activities: Consolidation of securitization vehicles $ — $ 3,590,853 $ 3,590,853 Deconsolidation of securitization vehicles $ — $ 758,500 $ 758,500
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 7,258,602 $ 1,554,833 $ 8,813,435 $ — $ 5,730,269 $ 1,240,337 $ 6,970,606 Real estate loans held by consolidated securitization vehicles, at fair value — 17,442,876 — 17,442,876 — 16,590,050 465,936 17,055,986 Equity securities 313,687 307,999 224,408 846,094 2,558,952 442,300 224,408 3,225,660 Investments in unconsolidated entities — — 4,808,919 4,808,919 — — 1,613,646 1,613,646 Interest rate and foreign currency hedging derivatives (1) — 1,419,069 — 1,419,069 — 41,453 — 41,453 Total $ 313,687 $ 26,428,546 $ 6,588,160 $ 33,330,393 $ 2,558,952 $ 22,804,072 $ 3,544,327 $ 28,907,351 Liabilities: Senior obligations of consolidated securitization vehicles, at fair value $ — $ 15,491,616 $ 15,206 $ 15,506,822 $ — $ 14,545,992 $ 484,661 $ 15,030,653 Interest rate and foreign currency hedging derivatives (2) — 3,833 — 3,833 — 45,597 — 45,597 Total $ — $ 15,495,449 $ 15,206 $ 15,510,655 $ — $ 14,591,589 $ 484,661 $ 15,076,250 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Assets Measured at Fair Value on a Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Equity Securities Investments in Real estate loans held by consolidated securitization vehicles, Senior obligation of consolidated securitization vehicles, at fair value Total Balance as of December 31 2021 $ 1,240,337 $ 224,408 $ 1,613,646 $ 465,936 $ 484,661 $ 4,028,988 Purchases 1,058,888 — 3,005,648 — — 4,064,536 Sales and repayments (697,766) — — — — (697,766) Distributions received — — (28,046) — — (28,046) Included in net income Income from unconsolidated entities measured at fair value — — 217,671 — — 217,671 Realized loss included in income (loss) from investments in real estate debt (66,020) — — — — (66,020) Unrealized gain included in income (loss) from investments in real estate debt 19,394 — — — — 19,394 Unrealized gain included in change in net assets of consolidated securitization vehicles — — — — (839) (839) Transfers out of Level 3 — — — (465,936) (468,616) (934,552) Balance as of June 30, 2022 $ 1,554,833 $ 224,408 $ 4,808,919 $ — $ 15,206 $ 6,603,366
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2022 Fair Value Valuation Technique Unobservable Inputs Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate debt $ 1,554,833 Discounted cash flow Market Yield 6.9% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase Investments in unconsolidated entities $ 4,270,610 Discounted cash flow Discount Rate 6.4% Decrease Exit Capitalization Rate 5.0% Decrease Weighted Average Cost of Capital 6.5% Decrease $ 538,309 Market comparable LTM EBITDA Multiple 13.3x Increase Liabilities Senior obligation of consolidated securitization vehicles, at fair value $ 15,206 Third Party Price Single Broker Quote N/A Increase December 31, 2021 Fair Value Valuation Technique Unobservable Input Weighted Average Rate Impact to Valuation from an Increase in Input Assets Investments in real estate debt $ 1,240,337 Discounted cash flow Market Yield 5.2% Decrease Equity securities $ 224,408 Market comparable Enterprise Value/ 21.1x Increase Investments in unconsolidated entities $ 1,613,646 Discounted cash flow Discount Rate 5.9% Decrease Exit Capitalization Rate 4.6% Decrease Weighted Average Cost of Capital 9.1% Decrease Real estate loans held by consolidated securitization vehicles, at fair value $ 465,936 Third Party Price Single Broker Quote N/A Increase Liabilities Senior obligation of consolidated securitization vehicles, at fair value $ 484,661 Third Party Price Single Broker Quote N/A Increase
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (784) $ 2,641 2.5 years 2022 — 34,705 (8,432) 26,273 2.5 years Total $ 3,425 $ 34,705 $ (9,216) $ 28,914 The following table details the incentive compensation awards ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (760) $ 760 0.5 years 2020 — — — — — 2021 37,201 — (6,200) 31,001 2.5 years 2022 — 25,000 (3,125) 21,875 3.5 years $ 38,721 $ 25,000 $ (10,085) $ 53,636

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2022 December 31, 2021 Building and building improvements $ 70,066,653 $ 53,954,920 Land and land improvements 17,260,431 14,652,913 Furniture, fixtures and equipment 1,262,833 963,686 Right of use asset - operating leases (1) 473,657 461,186 Right of use asset - financing leases (1) 72,862 72,862 Total 89,136,436 70,105,567 Accumulated depreciation and amortization (4,319,214) (3,163,914) Investments in real estate, net $ 84,817,222 $ 66,941,653 (1) Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Properties Acquired	The following table details the properties acquired during the six months ended June 30, 2022 ($ in thousands): Segments Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units/Keys Rental Housing properties (2)(3) $ 12,631,468 14 115 34,231 units Net Lease properties 4,026,768 1 1 6,901 sq. ft. Office properties (3) 1,261,608 3 7 2,176 sq. ft. Retail properties (3) 1,097,412 — 51 5,598 sq. ft. Self storage properties 542,335 6 34 2,913 sq. ft. Data center properties 331,184 1 3 792 sq. ft. Industrial properties 218,360 3 13 1,666 sq. ft. $ 20,109,135 28 224 (1) Purchase price is inclusive of acquisition-related costs. (2) Purchase price includes 3,306 wholly-owned single family rental homes, that are not included in the number of properties. (3) Purchase price for the acquisition of Preferred Apartment Communities (“PAC”) includes 45 rental housing properties, 51 retail properties and 3 office properties. The acquisition of PAC is included as a single transaction in the number of transactions column for Rental Housing properties.
Schedule of Purchase Price Allocation of Properties	The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2022 ($ in thousands): Amount Building and building improvements $ 16,504,856 Land and land improvements 2,810,910 Furniture, fixtures and equipment 198,982 In-place lease intangibles 620,352 Above-market lease intangibles 15,178 Below-market lease intangibles (121,374) Other 80,231 Total purchase price 20,109,135 Assumed debt (1) 3,698,779 Net purchase price $ 16,410,356 (1) Refer to Note 7 for additional details on the Company’s debt, which includes mortgage notes, term loans, and secured revolving credit facilities.
Schedule of Details of Dispositions	The following table details the dispositions during the periods set forth below ($ in thousands): Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Rental Housing properties (1) 15 $ 325,757 $ 84,335 22 $ 771,176 $ 268,366 Industrial properties 26 339,107 132,817 35 464,913 154,048 41 $ 664,864 $ 217,152 57 $ 1,236,089 $ 422,414 Three Months Ended Six Months Ended Segments Number of Properties Net Proceeds Net Gain Number of Properties Net Proceeds Net Gain Rental Housing properties 1 $ 21,054 $ 7,372 5 $ 94,977 $ 22,802 1 $ 21,054 $ 7,372 5 $ 94,977 $ 22,802 (1) Net proceeds and net gain include 162 and 285 single family rental homes sold during the three and six months ended June 30, 2022, respectively, that are not included in the number of properties.
Summary of Assets and Liabilities of Properties Classified as Held for Sale	The following table details the assets and liabilities of the Company’s properties classified as held for sale ($ in thousands): Assets: June 30, 2022 Investments in real estate, net $ 221,137 Other assets 6,453 Total assets $ 227,590 Liabilities: Mortgage notes, net $ 80,837 Other liabilities 3,740 Total liabilities $ 84,577

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment and Income in Unconsolidated Entities	The following table details the Company’s equity investments in unconsolidated entities ($ in thousands): Investment in Joint Venture Segment Number of Joint Ventures Ownership June 30, December 31, 2021 Unconsolidated entities at historical cost: QTS Data Centers (1) Data Centers 1 35.7% $ 1,331,835 $ 1,394,359 MGM Grand & Mandalay Bay Net Lease 1 49.9% 824,939 822,736 Rental Housing investments Rental Housing 130 12.2% - 52.0% 1,023,056 1,074,832 Industrial investments (2) Industrial 6 10.0% - 55.0% 247,626 497,491 Retail investments Retail 2 50.0% 103,327 98,241 Total unconsolidated entities at historical cost 140 3,530,783 3,887,659 Unconsolidated entities at fair value: Industrial investments (3) Industrial 9 7.9% - 85.0% 3,637,368 1,613,646 Office investments Office 1 49.0% 545,339 — Data Center investments (4) Data Centers 1 12.4% 626,212 — Total unconsolidated entities at fair value 11 4,808,919 1,613,646 Total 151 $ 8,339,702 $ 5,501,305 (1) The Company along with certain Blackstone-managed investment vehicles formed a joint venture (“QTS Data Centers”) and acquired all outstanding shares of common stock of QTS Realty Trust (“QTS”). (2) Includes $247.6 million from investments in three joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (3) Includes $2.7 billion from investments in four joint ventures formed by the Company and certain Blackstone-managed investment vehicles. (4) Includes $626.2 million from investments in a digital towers joint venture formed by the Company and certain Blackstone-managed investment vehicles. The following table details the Company’s income from unconsolidated entities ($ in thousands): For the Three Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (47,347) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 25,100 25,136 Rental Housing investments Rental Housing 12.2% - 52.0% (28,398) — Industrial investments Industrial 10.0% - 55.0% (901) — Retail investments Retail 50.0% 330 — Total unconsolidated entities at historical cost (51,216) 25,136 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% (24,266) 44,892 Office investments Office 49.0% 15,096 — Data Center investments Data Centers 12.4% 672 — Total unconsolidated entities at fair value (8,498) 44,892 Total $ (59,714) $ 70,028 For the Six Months Ended June 30, BREIT Income (Loss) from Unconsolidated Entities Segment Ownership 2022 2021 Unconsolidated entities at historical cost: QTS Data Centers Data Centers 35.7% $ (85,816) $ — MGM Grand & Mandalay Bay Net Lease 49.9% 50,374 50,482 Rental Housing investments Rental Housing 12.2% - 52.0% (57,198) — Industrial investments Industrial 10.0% - 55.0% (662) — Retail investments Retail 50.0% 141 — Total unconsolidated entities at historical cost (93,161) 50,482 Unconsolidated entities at fair value: Industrial investments Industrial 7.9% - 85.0% 200,214 54,228 Office investments Office 49.0% 16,786 — Data Center investments Data Centers 12.4% 672 Total unconsolidated entities at fair value 217,672 54,228 Total $ 124,511 $ 104,710

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Summary of Investments in Real Estate Debt	The following tables detail the Company’s investments in real estate debt ($ in thousands): June 30, 2022 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) L+3.8% 1/6/2030 $ 6,983,711 $ 6,966,546 $ 6,576,923 RMBS 4.2% 1/19/2053 428,399 415,685 364,704 Corporate bonds 4.9% 6/13/2030 230,473 230,430 198,673 Total real estate securities 4.8% 3/16/2031 7,642,583 7,612,661 7,140,300 Commercial real estate loans L+5.6% 3/10/2026 1,497,265 1,502,788 1,477,588 Other investments (5) 3.7% 7/25/2029 220,636 192,519 195,547 Total investments in real estate debt 5.1% 4/30/2030 $ 9,360,484 $ 9,307,968 $ 8,813,435 December 31, 2021 Type of Security/Loan (1) Weighted Average Coupon (2) Weighted Average Maturity Date (3) Face Cost Fair CMBS (4) L+3.5% 8/8/2033 $ 5,097,318 $ 5,068,099 $ 5,029,942 RMBS 3.9% 5/24/2061 147,170 146,023 144,691 Corporate bonds 4.8% 12/10/2028 135,950 135,952 136,469 Total real estate securities 3.6% 3/29/2034 5,380,438 5,350,074 5,311,102 Commercial real estate loans L+4.4% 1/19/2025 1,474,617 1,473,807 1,460,716 Other investments (5) 3.7% 7/25/2029 227,958 198,909 198,788 Total investments in real estate debt 3.7% 3/7/2032 $ 7,083,013 $ 7,022,790 $ 6,970,606 (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, EURIBOR, SOFR and SONIA, as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities. As of June 30, 2022 and December 31, 2021, the Company had interest rate swaps outstanding with a notional value of $1.6 billion and $1.1 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates. (3) Weighted average maturity date is based on the fully extended maturity date of the instrument. (4) Face amount excludes interest-only securities with a notional amount of $1.2 billion as of both June 30, 2022 and December 31, 2021. In addition, CMBS includes zero-coupon securities of $6.3 million as of June 30, 2022. There were no such securities as of December 31, 2021. (5) Includes an interest in an unconsolidated joint venture that holds investments in real estate debt.
Summary of Collateral Type of Properties Securing Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands): June 30, 2022 December 31, 2021 Collateral (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value Industrial $ 2,725,443 $ 2,580,682 29% $ 2,597,948 $ 2,573,935 37% Hospitality 2,273,836 2,144,529 24% 1,866,683 1,848,015 27% Rental Housing (2) 1,904,996 1,790,205 21% 1,250,446 1,261,455 18% Net Lease 865,725 856,972 10% 8,885 8,779 –% Other 671,668 640,902 7% 331,169 328,745 5% Office 515,797 461,333 5% 546,548 527,148 8% Diversified 350,503 338,812 4% 403,737 405,569 5% Retail — — —% 17,374 16,960 –% Total $ 9,307,968 $ 8,813,435 100% $ 7,022,790 $ 6,970,606 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family homes.
Summary of Credit Rating of Investments in Real Estate Debt	The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands): June 30, 2022 December 31, 2021 Credit Rating (1) Cost Fair Percentage Based on Fair Value Cost Fair Percentage Based on Fair Value A 107,178 99,927 1% 127,118 125,420 2% BBB 1,131,090 1,102,300 13% 340,326 337,509 5% BB 2,193,277 2,043,351 23% 1,446,160 1,441,879 21% B 1,771,063 1,634,025 19% 1,459,218 1,436,271 21% CCC 24,338 18,585 —% 24,338 24,242 —% Private commercial real estate loans 1,666,214 1,646,126 19% 1,598,701 1,585,738 23% Not rated (2) 2,414,808 2,269,121 25% 2,026,929 2,019,547 28% Total $ 9,307,968 $ 8,813,435 100% $ 7,022,790 $ 6,970,606 100% (1) This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements. (2) As of June 30, 2022, not rated positions have a weighted-average LTV at origination of 63.9% and are primarily composed of 60.4% industrial and 29.3% multifamily assets, and includes interest-only securities with a fair value of $24.2 million.
Schedule of Real Estate Investment	The following table details the amounts recognized for the Company’s investments in real estate debt ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest income $ 169,544 $ 14,615 $ 282,817 $ 21,217 Unrealized (loss) gain (328,144) 72,790 (552,290) 202,672 Realized (loss) gain (90,528) 11,945 (88,144) 14,539 Total (249,128) 99,350 $ (357,617) $ 238,428 Income from interest rate swaps and other derivatives 86,816 (11,228) 170,791 39,352 Income from secured financings of investments in real estate debt (1) 27,523 (4,985) 38,343 8,818 Other loss (6,592) (1,030) (11,267) (1,725) Total (loss) income from investments in real estate debt $ (141,381) $ 82,107 $ (159,750) $ 284,873 (1) Represents unrealized and realized gains.
Schedule of Company's Affiliate Investments In Real Estate Debt	The following table details the Company’s investments in affiliated real estate debt ($ in thousands): Fair Value Income (Loss) Three Months Ended June 30, Six Months Ended June 30, June 30, 2022 December 31, 2021 2022 2021 2022 2021 CMBS $ 1,894,029 $ 3,099,694 $ (108,148) $ 32,969 $ (130,775) $ 102,312 Commercial real estate loans 891,456 556,571 (10,390) 14,473 (11,529) (4,099) Total $ 2,785,485 $ 3,656,265 $ (118,538) $ 47,442 $ (142,304) $ 98,213

Consolidated Securitization V_2

Consolidated Securitization Vehicles (Tables)	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles	The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands): June 30, 2022 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 293 $ 18,346,196 $ 17,442,876 +3.1% 3/3/2025 Senior obligations of consolidated securitization vehicles 23 16,223,320 15,506,822 +2.7% 8/19/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 23 $ 2,122,876 $ 1,936,054 +4.1% 3/27/2025 December 31, 2021 Count Principal Fair Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Real estate loans held by consolidated securitization vehicles 173 $ 16,873,465 $ 17,055,986 +2.4% 10/2/2024 Senior obligations of consolidated securitization vehicles 22 14,780,036 15,030,653 +2.1% 3/14/2025 Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles 22 $ 2,093,429 $ 2,025,333 +3.6% 11/01/2024 (1) The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and one-month SOFR, as applicable to each securitized debt obligation. (2) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

Mortgage Notes, Term Loans, a_2

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities	The following table details the mortgage notes, term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands): June 30, 2022 Principal Balance Outstanding Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2)(3) Maximum June 30, 2022 December 31, 2021 Fixed rate loans: Fixed rate mortgages (4) 3.6% 11/4/2028 N/A $ 23,797,788 $ 19,086,525 Variable rate loans: Variable rate mortgages and term loans L+2.1% 10/1/2026 N/A 25,945,002 20,004,365 Variable rate secured revolving credit facilities (5) L+1.7% 7/1/2026 $ 4,506,500 1,811,373 1,614,550 Variable rate warehouse facilities (6) L+1.8% 11/10/2025 $ 6,112,500 1,958,792 794,141 Variable rate mezzanine loans L+3.5% 3/9/2025 N/A 71,100 71,100 Total variable rate loans L+2.1% 9/3/2026 29,786,267 22,484,156 Total loans secured by real estate 3.7% 8/20/2027 53,584,055 41,570,681 (Discount) premium on assumed debt, net (104,253) 68,706 Deferred financing costs, net (394,565) (311,999) Mortgage notes, term loans, and secured revolving credit facilities, net $ 53,085,237 $ 41,327,388 (1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR as applicable to each loan. As of June 30, 2022, we have outstanding interest rate swaps with an aggregate notional balance of $22.2 billion that mitigate our exposure to potential future interest rates increase under our floating-rate debt. (2) Weighted average maturity assumes maximum maturity date (including any extensions), where the Company, at its sole discretion, has one or more extension options. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. (4) Includes $333.8 million and $396.3 million of loans related to our investment in affordable housing properties as of June 30, 2022 and December 31, 2021, respectively. Such loans are generally with municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained. (5) Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available. (6) Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.
Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities	The following table details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of June 30, 2022 ($ in thousands): Year Amount 2022 (remaining) $ 163,240 2023 653,637 2024 5,114,566 2025 7,300,843 2026 16,583,111 2027 12,132,796 Thereafter 11,635,862 Total $ 53,584,055

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of Repurchase Agreements [Abstract]
Summary of Secured Financings on Investments in Real Estate Debt	The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands): June 30, 2022 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,886,525 $ 7,795,822 L+1.2% 5/25/2023 Commercial real estate loans 163,483 251,512 L+1.9% 4/2/2024 Corporate bonds 111,824 156,514 L+1.0% 6/3/2023 RMBS 235,835 322,004 L+1.1% 5/18/2023 $ 5,397,667 $ 8,525,852 L+1.2% December 31, 2021 Collateral Type Borrowings Outstanding Collateral Assets (1) Weighted Average Interest Rate (2) Weighted Average Maturity Date CMBS $ 4,308,015 $ 6,604,524 L+0.9% 1/20/2023 Commercial real estate loans 224,510 345,400 L+1.8% 4/2/2022 Corporate bonds 90,578 135,355 L+0.8% 11/17/2022 RMBS 83,529 125,967 L+0.9% 12/31/2022 $ 4,706,632 $ 7,211,246 L+1.0% (1) Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Summary of Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2022 December 31, 2021 Accrued stockholder servicing fee $ 1,602,840 $ 1,235,592 Performance participation allocation 385,242 — Accrued management fee 71,908 56,607 Accrued affiliate service provider expenses 19,813 12,880 Advanced organization and offering costs 1,023 2,045 Other 1,478 2,323 Total $ 2,082,304 $ 1,309,447
Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services	The following table details the amounts incurred for affiliate service providers ($ in thousands): Affiliate Service Amortization of Capitalized Transaction Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 2022 2021 Link Industrial Properties LLC $ 24,753 $ 15,831 $ 2,344 $ 188 $ 1,206 $ 575 LivCor, LLC 21,115 10,193 2,218 315 1,623 1,196 BRE Hotels and Resorts LLC 4,897 2,762 372 (5) — — ShopCore Properties TRS Management LLC 4,309 1,471 125 9 1,209 42 Revantage Corporate Services, LLC 6,098 726 — — — Equity Office Management, LLC 593 352 74 8 230 — Longview Senior Housing Advisors, LLC 442 — — — — — Beam Living — — — — 59 — Total $ 62,207 $ 31,335 $ 5,133 $ 515 $ 4,327 $ 1,813 Affiliate Service Amortization of Capitalized Transaction Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 2022 2021 Link Industrial Properties LLC $ 43,886 $ 31,959 $ 4,688 $ 605 $ 2,238 $ 818 LivCor, LLC 35,093 20,918 4,435 697 3,314 2,075 BRE Hotels and Resorts LLC 8,381 5,443 563 127 — — ShopCore Properties TRS Management LLC 6,166 2,895 250 25 1,213 82 Revantage Corporate Services, LLC 10,930 1,379 — — — — Equity Office Management, LLC 1,015 964 149 16 230 — Longview Senior Housing Advisors, LLC 870 — — — — — Beam Living — — — — 59 — Total $ 106,341 $ 63,558 $ 10,085 $ 1,470 $ 7,054 $ 2,975
Summary of Incentive Compensation Awards	The following table details the incentive compensation awards issued to certain employees of Simply Self Storage, HPA and April Housing ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2021 $ 3,425 $ — $ (784) $ 2,641 2.5 years 2022 — 34,705 (8,432) 26,273 2.5 years Total $ 3,425 $ 34,705 $ (9,216) $ 28,914 The following table details the incentive compensation awards ($ in thousands): June 30, 2022 Plan Year Unrecognized Compensation Cost as of December 31, 2021 Value of Awards Issued Amortization of Compensation Cost for the Six Months Ended June 30, 2022 Unrecognized Compensation Cost Remaining Amortization Period 2019 $ 1,520 $ — $ (760) $ 760 0.5 years 2020 — — — — — 2021 37,201 — (6,200) 31,001 2.5 years 2022 — 25,000 (3,125) 21,875 3.5 years $ 38,721 $ 25,000 $ (10,085) $ 53,636

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Other Assets and Other Liabilities [Abstract]
Summary of Components of Other Assets	The following table details the components of other assets ($ in thousands): June 30, 2022 December 31, 2021 Real estate intangibles, net $ 1,565,601 $ 1,487,436 Interest rate and foreign currency hedging derivatives 1,419,069 41,453 Equity securities 846,094 3,225,660 Receivables, net 623,968 381,201 Straight-line rent receivable 348,615 275,200 Single family rental homes risk retention securities 300,718 233,525 Held for sale assets 227,590 196,244 Prepaid expenses 197,482 151,188 Deferred leasing costs, net 105,580 84,990 Pre-acquisition costs 101,702 153,659 Deferred financing costs, net 90,124 51,535 Other 181,973 168,642 Total $ 6,008,516 $ 6,450,733
Summary of Components of Other Liabilities	The following table details the components of other liabilities ($ in thousands): June 30, 2022 December 31, 2021 Stock repurchases payable $ 1,290,632 $ 100,540 Subscriptions received in advance 1,006,346 1,746,910 Accounts payable and accrued expenses 382,389 265,754 Intangible liabilities, net 373,570 288,643 Real estate taxes payable 308,561 211,063 Accrued interest expense 243,302 215,757 Distribution payable 235,950 190,143 Tenant security deposits 222,122 172,308 Securitized debt obligations, net 197,200 200,953 Right of use lease liability - operating leases 191,271 180,453 Prepaid rental income 101,022 125,250 Held for sale liabilities 84,577 114,377 Right of use lease liability - financing leases 76,384 75,730 Other 280,106 296,267 Total $ 4,993,432 $ 4,184,148

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): June 30, 2022 December 31, 2021 Intangible assets In-place lease intangibles $ 2,051,798 $ 1,920,331 Indefinite life intangibles 104,182 104,182 Above-market lease intangibles 73,764 60,383 Other intangibles 146,344 69,634 Total intangible assets 2,376,088 2,154,530 Accumulated amortization In-place lease amortization (762,713) (628,163) Above-market lease amortization (27,450) (22,993) Other intangibles amortization (20,324) (15,938) Total accumulated amortization (810,487) (667,094) Intangible assets, net $ 1,565,601 $ 1,487,436 Intangible liabilities Below-market lease intangibles $ 488,375 $ 377,132 Total intangible liabilities 488,375 377,132 Accumulated amortization Below-market lease amortization (114,805) (88,489) Total accumulated amortization (114,805) (88,489) Intangible liabilities, net $ 373,570 $ 288,643
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2022 is as follows ($ in thousands): In-place Lease Above-market Other Intangibles Below-market 2022 (remaining) $ 426,862 $ 6,674 $ 7,891 $ (38,964) 2023 242,755 9,759 15,452 (71,439) 2024 168,775 7,659 15,166 (59,516) 2025 125,962 6,149 15,162 (49,262) 2026 96,442 4,867 15,029 (39,131) 2027 67,696 3,348 14,627 (27,546) Thereafter 160,593 7,858 42,693 (87,712) $ 1,289,085 $ 46,314 $ 126,020 $ (373,570)

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands): June 30, 2022 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 38 $ 22,154,600 1.9% LIBOR, SOFR, EURIBOR 8.1 Interest Rate Caps - Property debt 53 $ 14,755,937 3.5% LIBOR, SOFR, SIFMA 1.1 Interest Rate Swaps - Investments in real estate debt 70 $ 1,576,710 1.4% LIBOR, SOFR 4.6 December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Weighted Average Maturity (Years) Interest Rate Swaps - Property debt 22 $ 9,500,000 1.3% LIBOR 7.0 Interest Rate Swaps - Investments in real estate debt 54 $ 1,076,210 1.0% LIBOR 4.8 The following table details the Company’s outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amount in thousands): June 30, 2022 December 31, 2021 Foreign Currency Forward Contracts Number of Instruments Notional Amount Number of Instruments Notional Amount Buy USD / Sell EUR Forward 10 € 165,944 10 € 552,513 Buy USD / Sell GBP Forward 8 £ 124,581 7 £ 267,368 Buy EUR / Sell USD Forward — € — 1 € 5,978 Buy GBP / Sell USD Forward — £ — 3 £ 15,396
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company’s derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset (1) Position Fair Value of Derivatives in a Liability (2) Position June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Interest rate derivatives $ 1,410,064 $ 41,123 $ 3,833 $ 38,062 Foreign currency forward contracts 9,005 330 — 7,535 Total Derivatives $ 1,419,069 $ 41,453 $ 3,833 $ 45,597 (1) Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets. (2) Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations	The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands): Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Three Months Ended June 30, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (loss) (1) $ 614,075 $ (27,348) Interest Rate Swap – Investments in real estate debt Realized gain (loss) (2) 10,326 (274) Interest Rate Swap – Investments in real estate debt Unrealized gain (loss) (2) 21,500 (11,492) Foreign Currency Forward Contract Realized gain (loss) (2) 41,639 (4,102) Foreign Currency Forward Contract Unrealized gain (2) 13,351 4,640 Interest Rate Caps - Property debt Unrealized gain (3) 18,765 — $ 719,656 $ (38,576) Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Six Months Ended June 30, 2022 2021 Interest Rate Swap – Property debt Unrealized gain (loss) (1) $ 1,250,065 $ (10,147) Interest Rate Swap – Investments in real estate debt Realized gain (loss) (2) 10,326 (14,964) Interest Rate Swap – Investments in real estate debt Unrealized gain (2) 81,209 42,930 Foreign Currency Forward Contract Realized gain (loss) (2) 62,983 (8,580) Foreign Currency Forward Contract Unrealized gain (2) 16,273 19,965 Interest Rate Caps - Property debt Unrealized gain (3) 64,104 — $ 1,484,960 $ 29,204 (1) Included in Other Income in the Company's Condensed Consolidated Statements of Operations. (2) Included in (Loss) Income from Investments in Real Estate Debt in the Company’s Condensed Consolidated Statements of Operations. (3) Included in Interest Expense in the Company's Condensed Consolidated Statements of Operations.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Company's Authorized Capital	As of June 30, 2022, the Company had the authority to issue 10,100,000,000 shares, consisting of the following: Number of Shares Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 3,000,000 $ 0.01 Class I Shares 6,000,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Total 10,100,000
Schedule of Company's Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2022 Class S Class I Class T Class D Total March 31, 2022 1,426,428 2,350,144 65,057 339,949 4,181,578 Common stock issued 127,562 239,928 7,601 51,140 426,231 Distribution reinvestment 7,961 12,923 404 2,090 23,378 Common stock repurchased (18,117) (169,789) (885) (3,809) (192,600) June 30, 2022 1,543,834 2,433,206 72,177 389,370 4,438,587 Six Months Ended June 30, 2022 Class S Class I Class T Class D Total December 31, 2021 1,254,348 2,086,631 57,287 291,087 3,689,353 Common stock issued 297,429 572,532 15,352 99,044 984,357 Distribution reinvestment 15,395 24,483 769 3,943 44,590 Common stock repurchased (23,338) (250,440) (1,231) (4,704) (279,713) June 30, 2022 1,543,834 2,433,206 72,177 389,370 4,438,587
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended June 30, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.1671 $ 0.1671 $ 0.1671 $ 0.1671 Stockholder servicing fee per share of common stock (0.0318) — (0.0313) (0.0091) Net distributions declared per share of common stock $ 0.1353 $ 0.1671 $ 0.1358 $ 0.1580 Six Months Ended June 30, 2022 Class S Class I Class T Class D Aggregate gross distributions declared per share of common stock $ 0.3333 $ 0.3333 $ 0.3333 $ 0.3333 Stockholder servicing fee per share of common stock (0.0627) — (0.0617) (0.0180) Net distributions declared per share of common stock $ 0.2706 $ 0.3333 $ 0.2716 $ 0.3153
Summary of Redeemable Non-controlling Interest Activity Related to Special Limited Partner	The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the six months ended June 30, 2022 and 2021 ($ in thousands): Six Months Ended June 30, 2022 2021 Balance at the beginning of the year $ 589,900 $ 274 Settlement of current year performance participation allocation 237,924 — Settlement of prior year performance participation allocation — 192,648 Repurchases (26,639) (111,949) Conversion to Class I and Class B units (434,717) (68,453) Conversion to Class I shares (128,205) (12,246) GAAP income allocation (1,852) (1) Distributions (2,690) (8) Fair value allocation 7,125 34 Ending balance $ 240,846 $ 299

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Operating Lease Income from Leases	The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed lease payments $ 1,358,425 $ 616,068 $ 2,570,963 $ 1,207,108 Variable lease payments 90,668 64,741 181,850 126,617 Rental revenue $ 1,449,093 $ 680,809 $ 2,752,813 $ 1,333,725 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest on lease liabilities $ 997 $ 759 $ 1,993 $ 1,518 Amortization of right-of-use assets 330 252 654 499 Total financing lease costs $ 1,327 $ 1,011 $ 2,647 $ 2,017
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 2022 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2022 (remaining) $ 720,385 2023 1,410,117 2024 1,274,613 2025 1,140,933 2026 1,017,211 2027 831,734 Thereafter 9,270,034 Total $ 15,665,027
Schedule of Future Lease Payments Due Under Ground Leases	The following table details the future lease payments due under the Company’s ground leases as of June 30, 2022 ($ in thousands): Operating Financing 2022 (remaining) $ 4,692 $ 2,045 2023 9,420 4,150 2024 9,528 4,266 2025 9,780 4,385 2026 9,899 4,507 2027 10,285 4,633 Thereafter 1,038,665 564,142 Total undiscounted future lease payments 1,092,269 588,128 Difference between undiscounted cash flows and discounted cash flows (900,998) (511,744) Total lease liability $ 191,271 $ 76,384
Summary of Fixed and Variable Components of Operating and Financing Leases	The following table details the fixed and variable components of the Company’s operating leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fixed ground rent expense $ 2,264 $ 1,025 $ 4,533 $ 2,046 Variable ground rent expense 5 26 10 26 Total cash portion of ground rent expense 2,269 1,051 4,543 2,072 Straight-line ground rent expense 3,217 1,643 6,070 3,290 Total operating lease costs $ 5,486 $ 2,694 $ 10,613 $ 5,362

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): June 30, 2022 December 31, 2021 Rental Housing $ 54,676,426 $ 44,167,486 Industrial 22,194,033 20,898,801 Net Lease 9,052,940 5,219,519 Hospitality 3,078,446 3,084,271 Office 2,780,382 1,232,392 Self Storage 2,368,258 1,886,376 Data Centers 2,834,619 1,905,660 Retail 2,799,047 1,689,575 Investments in Real Estate Debt and Real Estate Loans Held by Consolidated Securitization Vehicles, at Fair Value 28,079,720 24,221,005 Other (Corporate) 1,912,017 2,033,779 Total assets $ 129,775,888 $ 106,338,864 The following table details the financial results by segment for the three months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 864,047 $ 338,790 $ 116,226 $ 11,247 $ — $ 54,280 $ 35,587 $ 28,916 $ — $ 1,449,093 Hospitality revenue — — — — 197,652 — — — — 197,652 Other revenue 59,580 6,235 — — 4,376 4,271 600 1,194 — 76,256 Total revenues 923,627 345,025 116,226 11,247 202,028 58,551 36,187 30,110 — 1,723,001 Expenses: Rental property operating 487,712 110,709 310 1,890 2 26,660 13,874 8,442 — 649,599 Hospitality operating — — — — 135,812 — — — — 135,812 Total expenses 487,712 110,709 310 1,890 135,814 26,660 13,874 8,442 — 785,411 (Loss) income from unconsolidated entities (28,398) (25,167) 25,100 (46,675) — — 330 15,096 — (59,714) Loss from investments in real estate debt — — — — — — — — (141,381) (141,381) Changes in net assets of consolidated securitization vehicles — — — — — — — — (43,934) (43,934) (Loss) income from investments in equity securities (1) (207,182) (49,129) 31,028 — — — — (93,139) — (318,422) Segment net operating income (loss) $ 200,335 $ 160,020 $ 172,044 $ (37,318) $ 66,214 $ 31,891 $ 22,643 $ (56,375) $ (185,315) $ 374,139 Depreciation and amortization $ (602,376) $ (204,705) $ (40,253) $ (3,557) $ (27,758) $ (33,669) $ (30,792) $ (15,239) $ — $ (958,349) General and administrative $ (11,753) Management fee (212,628) Performance participation allocation (211,597) Net gain on dispositions of real estate 217,152 Interest expense (415,764) Gain on extinguishment of debt (8,794) Other income 609,686 Net loss $ (617,908) Net loss attributable to non-controlling interests in third party joint ventures $ 37,284 Net loss attributable to non-controlling interests in BREIT OP 11,614 Net loss attributable to BREIT stockholders $ (569,010) (1) Included within other income on the Condensed Consolidated Statements of Operations and includes $327.4 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the three months ended June 30, 2021 ($ in thousands): Rental Housing Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 302,095 $ 230,503 $ 82,794 $ 6,405 $ — $ 33,673 $ 14,667 $ 10,672 $ — $ 680,809 Hospitality revenue — — — — 102,660 — — — — 102,660 Other revenue 18,476 2,144 — — 3,318 2,161 457 158 — 26,714 Total revenues 320,571 232,647 82,794 6,405 105,978 35,834 15,124 10,830 — 810,183 Expenses: Rental property operating 150,642 71,326 249 865 — 17,253 4,626 3,024 — 247,985 Hospitality operating — — — — 75,093 — — — — 75,093 Total expenses 150,642 71,326 249 865 75,093 17,253 4,626 3,024 — 323,078 Income from unconsolidated entities — 44,892 25,136 — — — — — — 70,028 Income from investments in real estate debt — — — — — — — — 82,107 82,107 Changes in net assets of consolidated securitization vehicles — — — — — — — — 34,466 34,466 Income from investments in equity securities (2) 95,442 33,769 22,085 — — — — 2,344 — 153,640 Segment net operating income $ 265,371 $ 239,982 $ 129,766 $ 5,540 $ 30,885 $ 18,581 $ 10,498 $ 10,150 $ 116,573 $ 827,346 Depreciation and amortization $ (167,944) $ (134,124) $ (28,637) $ (2,525) $ (22,869) $ (32,063) $ (6,575) $ (4,884) $ — $ (399,621) General and administrative $ (7,789) Management fee (92,183) Performance participation allocation (299,373) Net gain on dispositions of real estate 7,372 Interest expense (181,520) Loss on extinguishment of debt (2,757) Other income (28,057) Net income $ (176,582) Net income attributable to non-controlling interests in third party joint ventures $ (264) Net income attributable to non-controlling interests in BREIT OP 2,089 Net income attributable to BREIT stockholders $ (174,757) (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations and includes $142.5 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the six months ended June 30, 2022 ($ in thousands): Rental Housing Industrial Net Data Centers Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 1,643,284 $ 679,558 $ 199,021 $ 19,428 $ — $ 99,487 $ 66,960 $ 45,075 $ — $ 2,752,813 Hospitality revenue — — 344,897 — — — — 344,897 Other revenue 114,229 12,370 — — 7,035 7,410 1,107 2,205 — 144,356 Total revenues 1,757,513 691,928 199,021 19,428 351,932 106,897 68,067 47,280 — 3,242,066 Expenses: Rental property operating 907,264 221,238 606 3,162 — 47,691 23,793 12,832 — 1,216,586 Hospitality operating — — — — 239,275 — — — — 239,275 Total expenses 907,264 221,238 606 3,162 239,275 47,691 23,793 12,832 — 1,455,861 (Loss) income from unconsolidated entities (57,198) 199,552 50,374 (85,144) — — 141 16,786 — 124,511 Loss from investments in real estate debt — — — — — — — (159,750) (159,750) Changes in net assets of consolidated securitization vehicles — — — — — — — — (59,609) (59,609) (Loss) income from investments in equity securities (1) (282,683) (56,625) 27,334 — — — — (107,609) — (419,583) Segment net operating income (loss) $ 510,368 $ 613,617 $ 276,123 $ (68,878) $ 112,657 $ 59,206 $ 44,415 $ (56,375) $ (219,359) $ 1,271,774 Depreciation and amortization $ (1,175,344) $ (413,071) $ (68,890) $ (7,114) $ (54,834) $ (65,001) $ (66,073) $ (23,073) $ — $ (1,873,400) General and administrative $ (24,859) Management fee (401,778) Performance participation allocation (623,166) Net gain on dispositions of real estate 422,414 Interest expense (722,223) Gain on extinguishment of debt (7,399) Other income 1,244,150 Net loss $ (714,487) Net loss attributable to non-controlling interests in third party joint ventures $ 81,539 Net loss attributable to non-controlling interests in BREIT OP 12,270 Net loss attributable to BREIT stockholders $ (620,678) (1) Included within other income on the Condensed Consolidated Statements of Operations and includes $452.5 million net unrealized/realized loss related to such equity securities. The following table details the financial results by segment for the six months ended June 30, 2021 ($ in thousands): Rental Housing Industrial Net Data Centers (1) Hospitality Self Retail Office Investments in Total Revenues: Rental revenue $ 590,548 $ 451,247 $ 165,589 $ 12,421 $ — $ 64,648 $ 29,097 $ 20,175 $ — $ 1,333,725 Hospitality revenue — — — — 160,803 — — — — 160,803 Other revenue 32,540 5,994 — — 4,994 4,157 1,214 211 — 49,110 Total revenues 623,088 457,241 165,589 12,421 165,797 68,805 30,311 20,386 — 1,543,638 Expenses: Rental property operating 290,583 144,149 470 1,914 — 32,961 9,535 6,078 — 485,690 Hospitality operating — — — — 130,773 — — — — 130,773 Total expenses 290,583 144,149 470 1,914 130,773 32,961 9,535 6,078 — 616,463 Income from unconsolidated entities — 54,228 50,482 — — — — — — 104,710 Loss from investments in real estate debt — — — — — — — — 284,873 284,873 Changes in net assets of consolidated securitization vehicles — — — — — — — — 71,061 71,061 Income from investments in equity securities (2) 151,495 55,411 30,963 — — — — 6,882 — 244,751 Segment net operating income $ 484,000 $ 422,731 $ 246,564 $ 10,507 $ 35,024 $ 35,844 $ 20,776 $ 21,190 $ 355,934 $ 1,632,570 Depreciation and amortization $ (335,986) $ (263,495) $ (57,136) $ (5,049) $ (45,576) $ (69,814) $ (14,185) $ (8,767) $ — $ (800,008) General and administrative (14,749) Management fee (165,278) Performance participation allocation (442,588) Impairment of investments in real estate — Net gain on dispositions of real estate 22,802 Interest income 95 Interest expense (363,147) Loss on extinguishment of debt (6,173) Other income (11,222) Net loss $ (147,698) Net loss attributable to non-controlling interests in third party joint ventures $ (323) Net loss attributable to non-controlling interests in BREIT OP 1,736 Net loss attributable to BREIT stockholders $ (146,285) (1) Previously included within the Industrial segment. (2) Included within other income on the Condensed Consolidated Statements of Operations and includes $224.8 million net unrealized/realized loss related to such equity securities.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details) $ in Billions	6 Months Ended
	Jun. 30, 2022 USD ($) segment class rentalHome property
Organization and business activities.
Aggregate net proceeds from issuance of common stock	$ 59.8
Number of classes of shares | class	4
Number of owned properties | property	4,917
Number of reportable segments | segment	9
Single Family
Organization and business activities.
Number of rentable homes owned | rentalHome	26,203
Follow On Offering | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 60
IPO | Maximum
Organization and business activities.
Common stock, shares authorized, amount	48
Distribution Reinvestment Plan | Maximum
Organization and business activities.
Common stock, shares authorized, amount	$ 12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) investment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Significant Of Accounting Policies [Line Items]
Total assets	$ 129,775,888		$ 129,775,888		$ 106,338,864
Total liabilities	81,065,462		81,065,462		66,558,268
Unrealized loss on investments in equity securities	$ (327,200)	$ 142,500	$ (452,500)	$ 224,800
Number of equity method investments measured at fair value | investment	11		11
Minimum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)			3 years
Maximum
Significant Of Accounting Policies [Line Items]
Award requisite service period (in years)			4 years
Level 3
Significant Of Accounting Policies [Line Items]
Mortgage notes, term loans, and secured revolving credit facilities, secured financings on investments in real estate debt, and unsecured revolving credit facilities	$ 1,000,000		$ 1,000,000		108,600
VIEs
Significant Of Accounting Policies [Line Items]
Total assets	52,100,000		52,100,000		45,800,000
Total liabilities	$ 37,600,000		$ 37,600,000		$ 32,700,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adjustments to the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Investments in real estate debt	$ 8,813,435		$ 6,970,606
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876		17,055,986
Total assets	129,775,888		106,338,864
Liabilities and Equity
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822		15,030,653
Total liabilities	81,065,462		66,558,268
Equity
Total equity	$ 48,241,625	$ 45,510,078	39,029,926	$ 23,262,485	$ 18,439,116	$ 16,183,951
As Reported
Assets
Investments in real estate debt			8,995,939
Real estate loans held by consolidated securitization vehicles, at fair value			0
Total assets			91,308,211
Liabilities and Equity
Senior obligations of consolidated securitization vehicles, at fair value			0
Total liabilities			51,527,615
Equity
Total equity			39,029,926
Adjustment
Assets
Investments in real estate debt			(2,025,333)
Real estate loans held by consolidated securitization vehicles, at fair value			17,055,986
Total assets			15,030,653
Liabilities and Equity
Senior obligations of consolidated securitization vehicles, at fair value			15,030,653
Total liabilities			15,030,653
Equity
Total equity			$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments to the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other income (expense)
(Loss) income from investments in real estate debt	$ (141,381)	$ 82,107	$ (159,750)	$ 284,873
Change in net assets of consolidated securitization vehicles	(43,934)	34,466	(59,609)	71,061
Total other income (expense)	(161,171)	135,279	422,511	347,750
Net loss	$ (617,908)	(176,582)	$ (714,487)	(147,698)
As Reported
Other income (expense)
(Loss) income from investments in real estate debt		116,573		355,934
Change in net assets of consolidated securitization vehicles		0		0
Total other income (expense)		135,279		347,750
Net loss		(176,582)		(147,698)
Adjustment
Other income (expense)
(Loss) income from investments in real estate debt		(34,466)		(71,061)
Change in net assets of consolidated securitization vehicles		34,466		71,061
Total other income (expense)		0		0
Net loss		$ 0		$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Adjustments to the Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from investing activities:
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles	$ 1,053,400	$ 3,357
Net cash used in investing activities	(17,686,875)	(4,302,864)
Cash flows from financing activities:
Repayment of senior obligations of consolidated securitization vehicles	(993,622)	(3,357)
Net cash provided by financing activities	17,278,530	6,509,327
Non-cash investing and financing activities:
Consolidation of securitization vehicles	2,348,079	3,590,853
Deconsolidation of securitization vehicles	$ 0	758,500
As Reported
Cash flows from investing activities:
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles		0
Net cash used in investing activities		(4,306,221)
Cash flows from financing activities:
Repayment of senior obligations of consolidated securitization vehicles		0
Net cash provided by financing activities		6,512,684
Non-cash investing and financing activities:
Consolidation of securitization vehicles		0
Deconsolidation of securitization vehicles		0
Adjustment
Cash flows from investing activities:
Proceeds from paydowns of real estate loans held by consolidated securitization vehicles		3,357
Net cash used in investing activities		3,357
Cash flows from financing activities:
Repayment of senior obligations of consolidated securitization vehicles		(3,357)
Net cash provided by financing activities		(3,357)
Non-cash investing and financing activities:
Consolidation of securitization vehicles		3,590,853
Deconsolidation of securitization vehicles		$ 758,500

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Real estate loans held by consolidated securitization vehicles, at fair value	$ 17,442,876	$ 17,055,986
Equity securities	846,094	3,225,660
Investments in unconsolidated entities	4,808,919	1,613,646
Derivatives	1,419,069	41,453
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822	15,030,653
Recurring
Assets:
Investments in real estate debt	8,813,435	6,970,606
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	17,055,986
Equity securities	846,094	3,225,660
Investments in unconsolidated entities	4,808,919	1,613,646
Derivatives	1,419,069	41,453
Total	33,330,393	28,907,351
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822	15,030,653
Derivatives	3,833	45,597
Total	15,510,655	15,076,250
Recurring | Level 1
Assets:
Investments in real estate debt	0	0
Real estate loans held by consolidated securitization vehicles, at fair value	0	0
Equity securities	313,687	2,558,952
Investments in unconsolidated entities	0	0
Derivatives	0	0
Total	313,687	2,558,952
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	0	0
Derivatives	0	0
Total	0	0
Recurring | Level 2
Assets:
Investments in real estate debt	7,258,602	5,730,269
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	16,590,050
Equity securities	307,999	442,300
Investments in unconsolidated entities	0	0
Derivatives	1,419,069	41,453
Total	26,428,546	22,804,072
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,491,616	14,545,992
Derivatives	3,833	45,597
Total	15,495,449	14,591,589
Recurring | Level 3
Assets:
Investments in real estate debt	1,554,833	1,240,337
Real estate loans held by consolidated securitization vehicles, at fair value	0	465,936
Equity securities	224,408	224,408
Investments in unconsolidated entities	4,808,919	1,613,646
Derivatives	0	0
Total	6,588,160	3,544,327
Liabilities:
Senior obligations of consolidated securitization vehicles, at fair value	15,206	484,661
Derivatives	0	0
Total	$ 15,206	$ 484,661

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Alternate Investment [Roll Forward]
Beginning balance	$ 4,028,988
Purchases	4,064,536
Sales and repayments	(697,766)
Distributions received	(28,046)
Income from unconsolidated entities measured at fair value	217,671
Realized loss included in income (loss) from investments in real estate debt	(66,020)
Unrealized gain included in income (loss) from investments in real estate debt	19,394
Unrealized gain included in other income	(839)
Transfers out of Level 3	(934,552)
Ending balance	6,603,366
Investments in Real Estate Debt
Alternate Investment [Roll Forward]
Beginning balance	1,240,337
Purchases	1,058,888
Sales and repayments	(697,766)
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	(66,020)
Unrealized gain included in income (loss) from investments in real estate debt	19,394
Unrealized gain included in other income	0
Transfers out of Level 3	0
Ending balance	1,554,833
Equity Securities
Alternate Investment [Roll Forward]
Beginning balance	224,408
Purchases	0
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income	0
Transfers out of Level 3	0
Ending balance	224,408
Investments in Unconsolidated Entities
Alternate Investment [Roll Forward]
Beginning balance	1,613,646
Purchases	3,005,648
Sales and repayments	0
Distributions received	(28,046)
Income from unconsolidated entities measured at fair value	217,671
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income	0
Transfers out of Level 3	0
Ending balance	4,808,919
Real estate loans held by consolidated securitization vehicles, at fair value
Alternate Investment [Roll Forward]
Beginning balance	465,936
Purchases	0
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income	0
Transfers out of Level 3	(465,936)
Ending balance	0
Senior obligation of consolidated securitization vehicles, at fair value
Alternate Investment [Roll Forward]
Beginning balance	484,661
Purchases	0
Sales and repayments	0
Distributions received	0
Income from unconsolidated entities measured at fair value	0
Realized loss included in income (loss) from investments in real estate debt	0
Unrealized gain included in income (loss) from investments in real estate debt	0
Unrealized gain included in other income	(839)
Transfers out of Level 3	(468,616)
Ending balance	$ 15,206

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value Hierarchy (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior obligations of consolidated securitization vehicles, at fair value	$ 15,506,822	$ 15,030,653
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	17,055,986
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822	15,030,653
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	17,055,986
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,603,366	4,028,988
Senior obligations of consolidated securitization vehicles, at fair value	15,206	484,661
Real estate loans held by consolidated securitization vehicles, at fair value	0	465,936
Level 3 | Third Party Price | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior obligations of consolidated securitization vehicles, at fair value	15,206	484,661
Real estate loans held by consolidated securitization vehicles, at fair value		465,936
Level 3 | Investments in Real Estate Debt | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,554,833	$ 1,240,337
Level 3 | Investments in Real Estate Debt | Discounted cash flow | Market Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,554,833
Weighted Average Rate	0.069	0.052
Level 3 | Investments in Real Estate Debt | Discounted cash flow | Market Yield | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 1,240,337
Level 3 | Investments in Unconsolidated Entities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,808,919	$ 1,613,646
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,270,610
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.064	0.059
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Discount Rate | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 1,613,646
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Exit Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.050	0.046
Level 3 | Investments in Unconsolidated Entities | Discounted cash flow | Weighted Average Cost of Capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.065	0.091
Level 3 | Investments in Unconsolidated Entities | Valuation, Market Approach | LTM EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	13.3
Level 3 | Investments in Unconsolidated Entities | Valuation, Market Approach | LTM EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 538,309
Level 3 | Equity Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 224,408	$ 224,408
Level 3 | Equity Securities | Valuation, Market Approach | Enterprise Value/ Forward EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	21.1	21.1
Level 3 | Equity Securities | Valuation, Market Approach | Enterprise Value/ Forward EBITDA Multiple | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 224,408	$ 224,408

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Incentive Compensation Awards Issued to Simply Self Storage and HPA Employees (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 38,721
Value of Awards Issued	25,000
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(10,085)
Unrecognized Compensation Cost	53,636
Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	3,425
Value of Awards Issued	34,705
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(9,216)
Unrecognized Compensation Cost	28,914
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	37,201
Value of Awards Issued	0
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(6,200)
Unrecognized Compensation Cost	$ 31,001
Remaining Amortization Period	2 years 6 months
2021 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 3,425
Value of Awards Issued	0
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(784)
Unrecognized Compensation Cost	$ 2,641
Remaining Amortization Period	2 years 6 months
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	25,000
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(3,125)
Unrecognized Compensation Cost	$ 21,875
Remaining Amortization Period	3 years 6 months
2022 | Simply Self Storage And Home Partners Of America
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	34,705
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(8,432)
Unrecognized Compensation Cost	$ 26,273
Remaining Amortization Period	2 years 6 months

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Investments in real estate, net	Investments in real estate, net
Building and building improvements	$ 70,066,653	$ 53,954,920
Land and land improvements	17,260,431	14,652,913
Furniture, fixtures and equipment	1,262,833	963,686
Right of use asset - operating leases	473,657	461,186
Right of use asset - financing leases	72,862	72,862
Total	89,136,436	70,105,567
Accumulated depreciation and amortization	(4,319,214)	(3,163,914)
Investments in real estate, net	$ 84,817,222	$ 66,941,653

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)
Real Estate Properties [Line Items]
Impairment of investments in real estate | $	$ 0	$ 0	$ 0	$ 0
In-place lease intangibles
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			3 years
Above market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			6 years
Below market leases
Real Estate Properties [Line Items]
Weighted-average acquired lease intangibles			11 years
Rental Housing properties
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	23		23
Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	1		1

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Details of Properties Acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) ft² transaction property unit
Real Estate Properties [Line Items]
Purchase Price | $	$ 20,109,135
Number of Transactions | transaction	28
Number of Properties	224
Rental Housing properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 12,631,468
Number of Transactions | transaction	14
Number of Properties	115
Number of units | unit	34,231
Rental Housing properties | Preferred Apartment Communities
Real Estate Properties [Line Items]
Number of Properties	45
Net Lease Property
Real Estate Properties [Line Items]
Purchase Price | $	$ 4,026,768
Number of Transactions | transaction	1
Number of Properties	1
Sq. Feet | ft²	6,901,000
Office properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 1,261,608
Number of Transactions | transaction	3
Number of Properties	7
Sq. Feet | ft²	2,176,000
Office properties | Preferred Apartment Communities
Real Estate Properties [Line Items]
Number of Properties	3
Retail properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 1,097,412
Number of Transactions | transaction	0
Number of Properties	51
Sq. Feet | ft²	5,598,000
Retail properties | Preferred Apartment Communities
Real Estate Properties [Line Items]
Number of Properties	51
Industrial properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 218,360
Number of Transactions | transaction	3
Number of Properties	13
Sq. Feet | ft²	1,666,000
Self Storage
Real Estate Properties [Line Items]
Purchase Price | $	$ 542,335
Number of Transactions | transaction	6
Number of Properties	34
Sq. Feet | ft²	2,913,000
Data center properties
Real Estate Properties [Line Items]
Purchase Price | $	$ 331,184
Number of Transactions | transaction	1
Number of Properties	3
Sq. Feet | ft²	792,000
Single Family | Home Partners of America JVs
Real Estate Properties [Line Items]
Number of Properties	3,306

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 16,504,856
Land and land improvements	2,810,910
Furniture, fixtures and equipment	198,982
In-place lease intangibles	620,352
Above-market lease intangibles	15,178
Below-market lease intangibles	(121,374)
Other	80,231
Total purchase price	20,109,135
Assumed debt	3,698,779
Net purchase price	$ 16,410,356

Investments in Real Estate - _4

Investments in Real Estate - Schedule of Details of Dispositions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property home	Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property home	Jun. 30, 2021 USD ($) property
Real Estate Properties [Line Items]
Number of Properties | property	41	1	57	5
Net Proceeds	$ 664,864	$ 21,054	$ 1,236,089	$ 94,977
Net gain (loss) on dispositions of real estate	$ 217,152	$ 7,372	$ 422,414	$ 22,802
Rental Housing properties
Real Estate Properties [Line Items]
Number of Properties | property	15	1	22	5
Net Proceeds	$ 325,757	$ 21,054	$ 771,176	$ 94,977
Net gain (loss) on dispositions of real estate	$ 84,335	$ 7,372	$ 268,366	$ 22,802
Industrial properties
Real Estate Properties [Line Items]
Number of Properties | property	26		35
Net Proceeds	$ 339,107		$ 464,913
Net gain (loss) on dispositions of real estate	$ 132,817		$ 154,048
Single Family
Real Estate Properties [Line Items]
Number of Properties | home	162		285

Investments in Real Estate - Su

Investments in Real Estate - Summary of Assets and Liabilities of Properties Classified as Held for Sale (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Assets:
Investments in real estate, net	$ 221,137
Other assets	6,453
Total assets	227,590
Liabilities:
Mortgage notes, net	80,837
Other liabilities	3,740
Total liabilities	$ 84,577

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details)	Jun. 30, 2022 property
Schedule of Equity Method Investments [Line Items]
Number of properties	224
Single Family Rental | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	10,360
Affordable Housing | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	125
Industrial | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	2,196
Data Centers | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	58
Retail | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	7
Net Lease | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	2
Office Property | Equity Method Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	1

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Equity Investment In Unconsolidated Entities (Details) $ in Thousands	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	151
Real estate investments and other joint ventures	$ 8,339,702	$ 5,501,305
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	140
Real estate investments and other joint ventures	$ 3,530,783	3,887,659
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	35.70%
Real estate investments and other joint ventures	$ 1,331,835	1,394,359
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	49.90%
Real estate investments and other joint ventures	$ 824,939	822,736
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	130
Real estate investments and other joint ventures	$ 1,023,056	1,074,832
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52%
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	6
Real estate investments and other joint ventures	$ 247,626	497,491
Industrial investments at historical cost | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	3
Real estate investments and other joint ventures	$ 247,600
Industrial investments at historical cost | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10%
Industrial investments at historical cost | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	9
Real estate investments and other joint ventures	$ 3,637,368	1,613,646
Industrial investments at fair value | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	4
Real estate investments and other joint ventures	$ 2,700,000
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85%
Retail Investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	2
Ownership Interest	50%
Real estate investments and other joint ventures	$ 103,327	98,241
Office investments
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	49%
Real estate investments and other joint ventures	$ 545,339	0
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	11
Real estate investments and other joint ventures	$ 4,808,919	1,613,646
Data center properties
Schedule of Equity Method Investments [Line Items]
Number of Joint Ventures | segment	1
Ownership Interest	12.40%
Real estate investments and other joint ventures	$ 626,212	$ 0
Data center properties | Investment Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments and other joint ventures	$ 626,200

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Income From Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (59,714)	$ 70,028	$ 124,511	$ 104,710
Unconsolidated Joint Ventures, At Historical Cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (51,216)	25,136	$ (93,161)	50,482
QTS Data Centers
Schedule of Equity Method Investments [Line Items]
Ownership Interest	35.70%		35.70%
Net Income (Loss) of Unconsolidated Joint Ventures	$ (47,347)	0	$ (85,816)	0
MGM Grand & Mandalay Bay
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49.90%		49.90%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 25,100	25,136	$ 50,374	50,482
Rental Housing Investments
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (28,398)	0	$ (57,198)	0
Rental Housing Investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.20%		12.20%
Rental Housing Investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	52%		52%
Industrial investments at historical cost
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (901)	0	$ (662)	0
Industrial investments at historical cost | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10%		10%
Industrial investments at historical cost | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	55%		55%
Industrial investments at fair value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (24,266)	44,892	$ 200,214	54,228
Industrial investments at fair value | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	7.90%		7.90%
Industrial investments at fair value | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Interest	85%		85%
Retail Investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50%		50%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 330	0	$ 141	0
Unconsolidated Joint Ventures, At Fair Value
Schedule of Equity Method Investments [Line Items]
Net Income (Loss) of Unconsolidated Joint Ventures	$ (8,498)	44,892	$ 217,672	54,228
Office investments
Schedule of Equity Method Investments [Line Items]
Ownership Interest	49%		49%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 15,096	0	$ 16,786	0
Data center properties
Schedule of Equity Method Investments [Line Items]
Ownership Interest	12.40%		12.40%
Net Income (Loss) of Unconsolidated Joint Ventures	$ 672	$ 0	$ 672

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.10%	3.70%
Face Amount	$ 9,360,484	$ 7,083,013
Cost Basis	9,307,968	7,022,790
Fair Value	8,813,435	6,970,606
Interest Rate Swaps - Investments in real estate debt | Non-designated Hedges
Debt and Equity Securities, FV-NI [Line Items]
Notional Amount	$ 1,576,710	$ 1,076,210
Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.80%	3.60%
Face Amount	$ 7,642,583	$ 5,380,438
Cost Basis	7,612,661	5,350,074
Fair Value	$ 7,140,300	$ 5,311,102
CMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.80%	3.50%
Face Amount	$ 6,983,711	$ 5,097,318
Cost Basis	6,966,546	5,068,099
Fair Value	$ 6,576,923	$ 5,029,942
RMBS | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.20%	3.90%
Face Amount	$ 428,399	$ 147,170
Cost Basis	415,685	146,023
Fair Value	$ 364,704	$ 144,691
Corporate bonds | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	4.90%	4.80%
Face Amount	$ 230,473	$ 135,950
Cost Basis	230,430	135,952
Fair Value	$ 198,673	$ 136,469
Private commercial real estate loans | Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	5.60%	4.40%
Face Amount	$ 1,497,265	$ 1,474,617
Cost Basis	1,502,788	1,473,807
Fair Value	$ 1,477,588	$ 1,460,716
Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Weighted Average Coupon	3.70%	3.70%
Face Amount	$ 220,636	$ 227,958
Cost Basis	192,519	198,909
Fair Value	195,547	198,788
CMBS, interest only securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	1,200,000	1,200,000
CMBS, zero coupon securities | Total real estate securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount	$ 6,300	$ 0

Investments in Real Estate De_4

Investments in Real Estate Debt - Summary of Collateral Type of Properties Securing Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 9,307,968	$ 7,022,790
Fair Value	$ 8,813,435	$ 6,970,606
Percentage Based on Fair Value	100%	100%
Interest-Only-Strip
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 24,200
Industrial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	2,725,443	$ 2,597,948
Fair Value	$ 2,580,682	$ 2,573,935
Percentage Based on Fair Value	29%	37%
Hospitality
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,273,836	$ 1,866,683
Fair Value	$ 2,144,529	$ 1,848,015
Percentage Based on Fair Value	24%	27%
Rental housing
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,904,996	$ 1,250,446
Fair Value	$ 1,790,205	$ 1,261,455
Percentage Based on Fair Value	21%	18%
Net Lease
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 865,725	$ 8,885
Fair Value	$ 856,972	$ 8,779
Percentage Based on Fair Value	10%	0%
Other
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 671,668	$ 331,169
Fair Value	$ 640,902	$ 328,745
Percentage Based on Fair Value	7%	5%
Office
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 515,797	$ 546,548
Fair Value	$ 461,333	$ 527,148
Percentage Based on Fair Value	5%	8%
Diversified
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 350,503	$ 403,737
Fair Value	$ 338,812	$ 405,569
Percentage Based on Fair Value	4%	5%
Retail
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 0	$ 17,374
Fair Value	$ 0	$ 16,960
Percentage Based on Fair Value	0%	0%

Investments in Real Estate De_5

Investments in Real Estate Debt - Summary of Credit Rating of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 9,307,968	$ 7,022,790
Fair Value	$ 8,813,435	$ 6,970,606
Percentage Based on Fair Value	100%	100%
A
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 107,178	$ 127,118
Fair Value	$ 99,927	$ 125,420
Percentage Based on Fair Value	1%	2%
BBB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,131,090	$ 340,326
Fair Value	$ 1,102,300	$ 337,509
Percentage Based on Fair Value	13%	5%
BB
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,193,277	$ 1,446,160
Fair Value	$ 2,043,351	$ 1,441,879
Percentage Based on Fair Value	23%	21%
B
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,771,063	$ 1,459,218
Fair Value	$ 1,634,025	$ 1,436,271
Percentage Based on Fair Value	19%	21%
CCC
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 24,338	$ 24,338
Fair Value	$ 18,585	$ 24,242
Percentage Based on Fair Value	0%	0%
Private commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,666,214	$ 1,598,701
Fair Value	$ 1,646,126	$ 1,585,738
Percentage Based on Fair Value	19%	23%
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 2,414,808	$ 2,026,929
Fair Value	$ 2,269,121	$ 2,019,547
Percentage Based on Fair Value	25%	28%
Weighted average LTV at origination	63.90%
Not Rated | Industrial properties
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	60.40%
Not Rated | Multifamily
Debt and Equity Securities, FV-NI [Line Items]
Weighted average LTV at origination	29.30%

Investments in Real Estate De_6

Investments in Real Estate Debt - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments [Abstract]
Interest income	$ 169,544	$ 14,615	$ 282,817	$ 21,217
Unrealized (loss) gain	(328,144)	72,790	(552,290)	202,672
Realized (loss) gain	(90,528)	11,945	(88,144)	14,539
Total	(249,128)	99,350	(357,617)	238,428
Income from interest rate swaps and other derivatives	86,816	(11,228)	170,791	39,352
Income from secured financings of investments in real estate debt	27,523	(4,985)	38,343	8,818
Other loss	(6,592)	(1,030)	(11,267)	(1,725)
Total (loss) income from investments in real estate debt	$ (141,381)	$ 82,107	$ (159,750)	$ 284,873

Investments in Real Estate De_7

Investments in Real Estate Debt - Schedule of Company's Affiliate Investments In Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	$ 8,813,435		$ 8,813,435		$ 6,970,606
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	1,894,029		1,894,029		3,099,694
Income (Loss)	(108,148)	$ 32,969	(130,775)	$ 102,312
Commercial real estate loans
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	891,456		891,456		556,571
Income (Loss)	(10,390)	14,473	(11,529)	(4,099)
Total
Debt and Equity Securities, FV-NI [Line Items]
Fair Value	2,785,485		2,785,485		$ 3,656,265
Income (Loss)	$ (118,538)	$ 47,442	$ (142,304)	$ 98,213

Investments in Real Estate De_8

Investments in Real Estate Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Investments in real estate debt	$ 9,307,968		$ 9,307,968		$ 7,022,790
Commercial Mortgage Backed Securities Collateralized by Pools of Commercial Real Estate Debt
Marketable Securities [Line Items]
Investments in real estate debt	2,000,000		2,000,000		$ 1,400,000
Investments, income (loss)	$ (47,800)	$ 11,400	$ (76,500)	$ (18,300)

Consolidated Securitization V_3

Consolidated Securitization Vehicles (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Transfers and Servicing [Abstract]
Real estate loans held by consolidated securitization vehicles, count | loan	293	173
Senior obligations of consolidated securitization vehicles, count | loan	23	22
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, count | loan	23	22
Real estate loans held by consolidated securitization vehicles, at principal value	$ 18,346,196	$ 16,873,465
Senior obligations of consolidated securitization vehicles, at principal value	16,223,320	14,780,036
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at principal value	2,122,876	2,093,429
Real estate loans held by consolidated securitization vehicles, at fair value	17,442,876	17,055,986
Senior obligations of consolidated securitization vehicles, at fair value	15,506,822	15,030,653
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, at fair value	$ 1,936,054	$ 2,025,333
Real estate loans held by consolidated securitization vehicles, weighted average yield	3.10%	2.40%
Senior obligations of consolidated securitization vehicles, weighted average cost	2.70%	2.10%
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles, weighted average yield and cost	4.10%	3.60%

Mortgage Notes, Term Loans, a_3

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total loans secured by real estate	$ 53,584,055,000	$ 41,570,681,000
(Discount) premium on assumed debt, net	(104,253,000)	68,706,000
Deferred financing costs, net	(394,565,000)	(311,999,000)
Mortgage notes, term loans, and secured revolving credit facilities, net	53,085,237,000	41,327,388,000
Interest Rate Swap
Debt Instrument [Line Items]
Outstanding interest rate swaps	$ 22,200,000,000
Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.70%
Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 29,786,267,000	22,484,156,000
Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.10%
Affordable Housing Properties Loan
Debt Instrument [Line Items]
Total loans secured by real estate	$ 333,800,000	396,300,000
Mortgage and Term Loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 25,945,002,000	20,004,365,000
Mortgage and Term Loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	2.10%
Mortgage loans | Total fixed rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 23,797,788,000	19,086,525,000
Mortgage loans | Total fixed rate loans | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, fixed	3.60%
Mezzanine loans | Total variable rate loans
Debt Instrument [Line Items]
Total loans secured by real estate	$ 71,100,000	71,100,000
Mezzanine loans | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	3.50%
Secured Revolving Credit Facility | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 4,506,500,000
Total loans secured by real estate	$ 1,811,373,000	1,614,550,000
Secured Revolving Credit Facility | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.70%
Warehouse facilities | Total variable rate loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 6,112,500,000
Total loans secured by real estate	$ 1,958,792,000	$ 794,141,000
Warehouse facilities | Total variable rate loans | One-Month LIBOR | Weighted Average
Debt Instrument [Line Items]
Weighted average interest rate, variable	1.80%

Mortgage Notes, Term Loans, a_4

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
2022 (remaining)	$ 163,240
2023	653,637
2024	5,114,566
2025	7,300,843
2026	16,583,111
2027	12,132,796
Thereafter	11,635,862
Long-term debt	$ 53,584,055	$ 41,570,681

Mortgage Notes, Term Loans, a_5

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ (8,794)	$ (2,757)	$ (7,399)	$ (6,173)

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Secured Financings on Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Borrowings Outstanding	$ 5,397,667	$ 4,706,632
Total assets	129,775,888	106,338,864
Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 8,525,852	$ 7,211,246
LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.20%	1%
CMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 4,886,525	$ 4,308,015
CMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 7,795,822	$ 6,604,524
CMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.20%	0.90%
Commercial real estate loans
Debt Instrument [Line Items]
Borrowings Outstanding	$ 163,483	$ 224,510
Commercial real estate loans | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 251,512	$ 345,400
Commercial real estate loans | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.90%	1.80%
Corporate bonds
Debt Instrument [Line Items]
Borrowings Outstanding	$ 111,824	$ 90,578
Corporate bonds | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 156,514	$ 135,355
Corporate bonds | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1%	0.80%
RMBS
Debt Instrument [Line Items]
Borrowings Outstanding	$ 235,835	$ 83,529
RMBS | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total assets	$ 322,004	$ 125,967
RMBS | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate	1.10%	0.90%

Unsecured Revolving Credit Fa_2

Unsecured Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other outstanding borrowings on line of credit	$ 0	$ 0
LIBOR
Debt Instrument [Line Items]
Interest rate	2.50%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Extension period (in years)	1 year
Line of credit, capacity	$ 3,700
Line of credit amount outstanding	$ 10
Unsecured Revolving Credit Facility | Affiliated
Debt Instrument [Line Items]
Extension period (in years)	12 months
Line of credit, capacity	$ 75
Line of credit amount outstanding	$ 0	$ 0
Unsecured Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Interest rate	2.50%

Related Party Transactions - Su

Related Party Transactions - Summary of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,082,304	$ 1,309,447
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Total components due to affiliates	1,602,840	1,235,592
Performance participation allocation
Related Party Transaction [Line Items]
Total components due to affiliates	385,242	0
Accrued management fee
Related Party Transaction [Line Items]
Total components due to affiliates	71,908	56,607
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total components due to affiliates	19,813	12,880
Advanced organization and offering costs
Related Party Transaction [Line Items]
Total components due to affiliates	1,023	2,045
Other
Related Party Transaction [Line Items]
Total components due to affiliates	$ 1,478	$ 2,323

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands		1 Months Ended				3 Months Ended		6 Months Ended
	Dec. 31, 2021 USD ($) shares	Jul. 31, 2022 USD ($) shares	Apr. 30, 2022 USD ($) shares	Jan. 31, 2022 USD ($) shares	Jan. 31, 2021 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) investment shares	Jun. 30, 2021 USD ($) shares
Related Party Transaction [Line Items]
Performance participation allocation						$ 211,597	$ 299,373	$ 623,166	$ 442,588
Performance participation allocation, outstanding						385,300		385,300
Stock redeemed, value				$ 566,600
Aggregate redeemable non- controlling interest shares and Class I units continue to own						2,100,000		2,100,000
Management fee						212,628	92,183	401,778	165,278
Total components due to affiliates	$ 1,309,447					$ 2,082,304		$ 2,082,304
Stock repurchased (in shares) | shares						(192,600)		(279,713)
Common stock/units repurchased						$ (2,882,451)	(242,717)	$ (4,146,056)	(752,467)
Amortization period of grant (in years)								4 years
Amount contributed to captive towards insurance premium						77,200	43,900	$ 81,600	44,200
Payment for management fee						1,500	800	1,600	800
Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates	56,607					71,908		71,908
Advanced Expenses
Related Party Transaction [Line Items]
Total components due to affiliates	$ 2,300					1,500		1,500
Affiliate Incentive Compensation Awards
Related Party Transaction [Line Items]
Amortized affiliate service provider incentive compensation awards						$ 5,100	500	$ 10,100	1,500
Class I
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares	55,200			9,000
Stock issued as payment for services (in shares) | shares				4,700
Stock redeemed (in shares) | shares				1,900
Stock repurchased (in shares) | shares						(169,789)		(250,440)
Class I Units
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares				9,000
Common Class I Shares
Related Party Transaction [Line Items]
Stock redeemed (in shares) | shares				37,800
Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares	55,200
Stock issued as payment for services (in shares) | shares				4,700
Blackstone Advisory Partners L.P.
Related Party Transaction [Line Items]
Commission and fees, threshold percentage on gross proceeds from sale of share								8.75%
Special Limited Partner
Related Party Transaction [Line Items]
Percentage of annual hurdle amount								5%
Related party allocation percentage of annual total return								12.50%
Percentage of management fee on NAV per annum								12.50%
Performance participation allocation			$ 237,900
Stock issued as payment for services (in shares) | shares					1,100
Stock redeemed (in shares) | shares					9,700
Stock redeemed, value					$ 111,900
Special Limited Partner | Subsequent Event
Related Party Transaction [Line Items]
Performance participation allocation		$ 122,600
Special Limited Partner | Class I
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares			16,100
Stock issued as payment for services (in shares) | shares	96,400				15,500
Special Limited Partner | Class I | Subsequent Event
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares		8,100
Conversion ratio		1
Special Limited Partner | Class B Shares
Related Party Transaction [Line Items]
Stock exchanged (in shares) | shares					1,100
All Other Unit Holders
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return								87.50%
Adviser
Related Party Transaction [Line Items]
Percentage of management fee on NAV per annum								1.25%
Management fee						$ 212,600	$ 92,200	$ 401,800	$ 165,300
Adviser | Accrued Management Fee
Related Party Transaction [Line Items]
Total components due to affiliates	$ 56,600					71,900		$ 71,900
Adviser | Class I | Management Fee
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares								22,300	11,000
Stock repurchased (in shares) | shares									(10,400)
Common stock/units repurchased									$ (121,400)
Adviser | Class I | Accrued Management Fee | Subsequent Event
Related Party Transaction [Line Items]
Stock issued as payment for services (in shares) | shares		4,800
LNLS
Related Party Transaction [Line Items]
Costs paid to LNLS for title services related to investments								$ 8,900
Number of investments with capitalized costs | investment								32
LivCor, LLC
Related Party Transaction [Line Items]
Receivable from affiliates	$ 3,900					$ 0		$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses Incurred and Amortization of Incentive Compensation Awards Capitalized Support Services (Details) - Affiliated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	$ 62,207	$ 31,335	$ 106,341	$ 63,558
Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	5,133	515	10,085	1,470
Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	4,327	1,813	7,054	2,975
Link Industrial Properties LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	24,753	15,831	43,886	31,959
Link Industrial Properties LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,344	188	4,688	605
Link Industrial Properties LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,206	575	2,238	818
LivCor, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	21,115	10,193	35,093	20,918
LivCor, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	2,218	315	4,435	697
LivCor, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,623	1,196	3,314	2,075
BRE Hotels and Resorts LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	4,897	2,762	8,381	5,443
BRE Hotels and Resorts LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	372	(5)	563	127
BRE Hotels and Resorts LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
ShopCore Properties TRS Management LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	4,309	1,471	6,166	2,895
ShopCore Properties TRS Management LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	125	9	250	25
ShopCore Properties TRS Management LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	1,209	42	1,213	82
Revantage Corporate Services, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	6,098	726	10,930	1,379
Revantage Corporate Services, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Revantage Corporate Services, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction		0	0	0
Equity Office Management, LLC | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	593	352	1,015	964
Equity Office Management, LLC | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	74	8	149	16
Equity Office Management, LLC | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	230	0	230	0
Longview | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	442	0	870	0
Longview | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Longview | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Beam Living | Affiliate Service Provider Expenses
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Beam Living | Amortization of Affiliate Service Provider Incentive Compensation Awards
Related Party Transaction [Line Items]
Related party transaction	0	0	0	0
Beam Living | Capitalized Transaction Support Services
Related Party Transaction [Line Items]
Related party transaction	$ 59	$ 0	$ 59	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Incentive Compensation Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 38,721
Value of Awards Issued	25,000
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(10,085)
Unrecognized Compensation Cost	53,636
2019
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	1,520
Value of Awards Issued	0
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(760)
Unrecognized Compensation Cost	$ 760
Remaining Amortization Period	6 months
2020
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	0
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	0
Unrecognized Compensation Cost	0
2021
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	37,201
Value of Awards Issued	0
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(6,200)
Unrecognized Compensation Cost	$ 31,001
Remaining Amortization Period	2 years 6 months
2022
Incentive Compensation Awards [Roll Forward]
Unrecognized Compensation Cost, beginning balance	$ 0
Value of Awards Issued	25,000
Amortization of Compensation Cost for the Six Months Ended June 30, 2022	(3,125)
Unrecognized Compensation Cost	$ 21,875
Remaining Amortization Period	3 years 6 months

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Assets [Abstract]
Real estate intangibles, net	$ 1,565,601	$ 1,487,436
Interest rate and foreign currency hedging derivatives	1,419,069	41,453
Equity securities	846,094	3,225,660
Receivables, net	623,968	381,201
Straight-line rent receivable	348,615	275,200
Single family rental homes risk retention securities	300,718	233,525
Held for sale assets	227,590	196,244
Prepaid expenses	197,482	151,188
Deferred leasing costs, net	105,580	84,990
Pre-acquisition costs	101,702	153,659
Deferred financing costs, net	90,124	51,535
Other	181,973	168,642
Total	$ 6,008,516	$ 6,450,733

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Stock repurchases payable	$ 1,290,632	$ 100,540
Subscriptions received in advance	1,006,346	1,746,910
Accounts payable and accrued expenses	382,389	265,754
Intangible liabilities, net	373,570	288,643
Real estate taxes payable	308,561	211,063
Accrued interest expense	243,302	215,757
Distribution payable	235,950	190,143
Tenant security deposits	222,122	172,308
Securitized debt obligations, net	197,200	200,953
Right of use lease liability - operating leases	$ 191,271	$ 180,453
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Prepaid rental income	$ 101,022	$ 125,250
Held for sale liabilities	84,577	114,377
Right of use lease liability - financing leases	$ 76,384	$ 75,730
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Other	$ 280,106	$ 296,267
Other liabilities	$ 4,993,432	$ 4,184,148

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Intangible assets
Indefinite life intangibles	$ 104,182	$ 104,182
Total intangible assets	2,376,088	2,154,530
Accumulated amortization
Total accumulated amortization	(810,487)	(667,094)
Intangible assets, net	1,565,601	1,487,436
Intangible liabilities
Below-market lease intangibles	488,375	377,132
Total intangible liabilities	488,375	377,132
Accumulated amortization
Below-market lease amortization	(114,805)	(88,489)
Total accumulated amortization	(114,805)	(88,489)
Intangible liabilities, net	373,570	288,643
In-place lease intangibles
Intangible assets
Finite-lived intangible assets	2,051,798	1,920,331
Accumulated amortization
Total accumulated amortization	(762,713)	(628,163)
Intangible assets, net	1,289,085
Above-market lease intangibles
Intangible assets
Finite-lived intangible assets	73,764	60,383
Accumulated amortization
Total accumulated amortization	(27,450)	(22,993)
Intangible assets, net	46,314
Other intangibles
Intangible assets
Finite-lived intangible assets	146,344	69,634
Accumulated amortization
Total accumulated amortization	(20,324)	$ (15,938)
Intangible assets, net	$ 126,020

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lease Intangibles
Intangible assets, net	$ 1,565,601	$ 1,487,436
Below-market Lease Intangibles
2022 (remaining)	(38,964)
2023	(71,439)
2024	(59,516)
2025	(49,262)
2026	(39,131)
2027	(27,546)
Thereafter	(87,712)
Total	(373,570)
In-place Lease Intangibles
Lease Intangibles
2022 (remaining)	426,862
2023	242,755
2024	168,775
2025	125,962
2026	96,442
2027	67,696
Thereafter	160,593
Intangible assets, net	1,289,085
Above-market Lease Intangibles
Lease Intangibles
2022 (remaining)	6,674
2023	9,759
2024	7,659
2025	6,149
2026	4,867
2027	3,348
Thereafter	7,858
Intangible assets, net	46,314
Other intangibles
Lease Intangibles
2022 (remaining)	7,891
2023	15,452
2024	15,166
2025	15,162
2026	15,029
2027	14,627
Thereafter	42,693
Intangible assets, net	$ 126,020

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) - Non-designated Hedges € in Thousands, £ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative	Jun. 30, 2022 EUR (€) derivative	Jun. 30, 2022 GBP (£) derivative	Dec. 31, 2021 EUR (€) derivative	Dec. 31, 2021 GBP (£) derivative
Interest Rate Swaps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	38	22	38	38	22	22
Notional Amount | $	$ 22,154,600	$ 9,500,000
Strike	1.90%	1.30%	1.90%	1.90%	1.30%	1.30%
Weighted Average Maturity (Years)	8 years 1 month 6 days	7 years
Interest Rate Caps - Property debt
Derivatives, Fair Value [Line Items]
Number of Instruments	53		53	53
Notional Amount | $	$ 14,755,937
Strike	3.50%		3.50%	3.50%
Weighted Average Maturity (Years)	1 year 1 month 6 days
Interest Rate Swaps - Investments in real estate debt
Derivatives, Fair Value [Line Items]
Number of Instruments	70	54	70	70	54	54
Notional Amount | $	$ 1,576,710	$ 1,076,210
Strike	1.40%	1%	1.40%	1.40%	1%	1%
Weighted Average Maturity (Years)	4 years 7 months 6 days	4 years 9 months 18 days
Buy USD / Sell EUR Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 165,944		€ 552,513
Number of Instruments	10	10	10	10	10	10
Buy USD / Sell GBP Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 124,581		£ 267,368
Number of Instruments	8	7	8	8	7	7
Buy EUR / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | €			€ 0		€ 5,978
Number of Instruments	0	1	0	0	1	1
Buy GBP / Sell USD Forward
Derivatives, Fair Value [Line Items]
Notional Amount | £				£ 0		£ 15,396
Number of Instruments	0	3	0	0	3	3

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	$ 1,419,069	$ 41,453
Fair Value of Derivatives in a Liability Position	3,833	45,597
Interest rate derivatives
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	1,410,064	41,123
Fair Value of Derivatives in a Liability Position	3,833	38,062
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives in an Asset Position	9,005	330
Fair Value of Derivatives in a Liability Position	$ 0	$ 7,535

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized/unrealized gain (loss)	$ 719,656	$ (38,576)	$ 1,484,960	$ 29,204
Other Income Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	614,075	(27,348)	1,250,065	(10,147)
Interest rate caps - property debt, unrealized gain	18,765	0	64,104	0
Income From Investments In Real Estate Debt
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swap - investments in real estate debt, unrealized gain	21,500	(11,492)	81,209	42,930
Interest rate swap - investments in real estate debt, realized loss	10,326	(274)	10,326	(14,964)
Foreign Currency Forward Contract
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract, realized gain (loss)	41,639	(4,102)	62,983	(8,580)
Foreign currency forward contract, unrealized gain	$ 13,351	$ 4,640	$ 16,273	$ 19,965

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($) counterparty	Dec. 31, 2021 USD ($) counterparty
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative counterparties | counterparty	2	1
Fair value of assets that posted collateral | $	$ 21.2	$ 5.1

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) repurchaseRequest shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Equity [Line Items]
Number of shares authorized (in shares) | shares	10,100,000,000		10,100,000,000
Common stock repurchased, value	$ 2,882,451	$ 242,717	$ 4,146,056	$ 752,467
Unfulfilled repurchase requests | repurchaseRequest			0
Non-controlling interests attributable to third party joint ventures	1,764,988		$ 1,764,988		$ 1,744,256
Allocation adjustment amount between additional paid-in capital and redeemable non controlling interest	(10,640)	$ (6,875)	(46,343)	$ (9,650)
Third Party Joint Ventures
Equity [Line Items]
Non-controlling interests attributable to third party joint ventures	$ 228,000		$ 228,000		$ 160,800
Share Repurchase Plan
Equity [Line Items]
Common stock repurchased during period (in shares) | shares	192,600,000		279,700,000
Common stock repurchased, value	$ 2,900,000		$ 4,100,000
BREIT OP units repurchased (in units) | shares	600,000		3,100,000
Stock repurchased, value in operating partnership unit	$ 9,500		$ (46,300)

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Company's Authorized Capital (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)	100,000,000
Total, shares authorized (in shares)	10,100,000,000
Preferred stock par value (in dollars per share)	$ 0.01
Class S
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Company's Outstanding Shares of Common Stock (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	4,181,578	3,689,353
Common stock issued (in shares)	426,231	984,357
Distribution reinvestment (in shares)	23,378	44,590
Common stock repurchased (in shares)	(192,600)	(279,713)
Ending balance (in shares)	4,438,587	4,438,587
Class S
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	1,426,428	1,254,348
Common stock issued (in shares)	127,562	297,429
Distribution reinvestment (in shares)	7,961	15,395
Common stock repurchased (in shares)	(18,117)	(23,338)
Ending balance (in shares)	1,543,834	1,543,834
Class I
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	2,350,144	2,086,631
Common stock issued (in shares)	239,928	572,532
Distribution reinvestment (in shares)	12,923	24,483
Common stock repurchased (in shares)	(169,789)	(250,440)
Ending balance (in shares)	2,433,206	2,433,206
Class T
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	65,057	57,287
Common stock issued (in shares)	7,601	15,352
Distribution reinvestment (in shares)	404	769
Common stock repurchased (in shares)	(885)	(1,231)
Ending balance (in shares)	72,177	72,177
Class D
Common Stock, Shares Outstanding [Roll Forward]
Beginning balance (in shares)	339,949	291,087
Common stock issued (in shares)	51,140	99,044
Distribution reinvestment (in shares)	2,090	3,943
Common stock repurchased (in shares)	(3,809)	(4,704)
Ending balance (in shares)	389,370	389,370

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	$ 0.1671	$ 0.1615	$ 0.3333	$ 0.3215
Class S
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1671		0.3333
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0318)		(0.0627)
Net distributions declared per share of common stock (in dollars per share)	0.1353		0.2706
Class I
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1671		0.3333
Stockholder servicing fee per share of common stock (in dollars per share)	0		0
Net distributions declared per share of common stock (in dollars per share)	0.1671		0.3333
Class T
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1671		0.3333
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0313)		(0.0617)
Net distributions declared per share of common stock (in dollars per share)	0.1358		0.2716
Class D
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock (in dollars per share)	0.1671		0.3333
Stockholder servicing fee per share of common stock (in dollars per share)	(0.0091)		(0.0180)
Net distributions declared per share of common stock (in dollars per share)	$ 0.1580		$ 0.3153

Equity and Redeemable Non-con_7

Equity and Redeemable Non-controlling Interest - Summary of Non-controlling Interest Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			$ 750,670
Settlement of prior year performance participation allocation			237,924	$ 192,648
GAAP income allocation	$ 3,326	$ 195	4,522	538
Ending balance	468,801		468,801
Special Limited Partner
Redeemable Non-controlling Interest [Roll Forward]
Balance at the beginning of the year			589,900	274
Settlement of current year performance participation allocation			237,924	0
Settlement of prior year performance participation allocation			0	192,648
Repurchases			(26,639)	(111,949)
Conversion to shares and units			(128,205)	(12,246)
GAAP income allocation			(1,852)	(1)
Distributions			(2,690)	(8)
Fair value allocation			7,125	34
Ending balance	$ 240,846	$ 299	240,846	299
Special Limited Partner | Common Class B
Redeemable Non-controlling Interest [Roll Forward]
Conversion to shares and units			$ (434,717)	$ (68,453)

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed lease payments	$ 1,358,425	$ 616,068	$ 2,570,963	$ 1,207,108
Variable lease payments	90,668	64,741	181,850	126,617
Rental revenue	$ 1,449,093	$ 680,809	$ 2,752,813	$ 1,333,725

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Minimum Rental Income (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessor, Operating Lease, Payments to be Received
2022 (remaining)	$ 720,385
2023	1,410,117
2024	1,274,613
2025	1,140,933
2026	1,017,211
2027	831,734
Thereafter	9,270,034
Total	$ 15,665,027

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 2022 lease
Lessee, Lease, Description [Line Items]
Number of ground leases under operating lease	57
Number of ground leases under finance lease	3
Operating ground lease, containing renewal options	2
Operating lease, weighted average remaining lease term (in years)	66 years
Finance lease, weighted average remaining lease term (in years)	79 years
Operating ground lease containing variable components	1
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	5%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used to determine lease liabilities	7%
Ground Lease One Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	99 years
Ground Lease Two Under Operating Lease
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Due Under Ground Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating Leases
2022 (remaining)	$ 4,692
2023	9,420
2024	9,528
2025	9,780
2026	9,899
2027	10,285
Thereafter	1,038,665
Total undiscounted future lease payments	1,092,269
Difference between undiscounted cash flows and discounted cash flows	(900,998)
Total lease liability	191,271	$ 180,453
Financing Leases
2022 (remaining)	2,045
2023	4,150
2024	4,266
2025	4,385
2026	4,507
2027	4,633
Thereafter	564,142
Total undiscounted future lease payments	588,128
Difference between undiscounted cash flows and discounted cash flows	(511,744)
Total lease liability	$ 76,384	$ 75,730

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed ground rent expense	$ 2,264	$ 1,025	$ 4,533	$ 2,046
Variable ground rent expense	5	26	10	26
Total cash portion of ground rent expense	2,269	1,051	4,543	2,072
Straight-line ground rent expense	3,217	1,643	6,070	3,290
Total operating lease costs	$ 5,486	$ 2,694	$ 10,613	$ 5,362

Leases - Summary of Fixed and_2

Leases - Summary of Fixed and Variable Components of Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Interest on lease liabilities	$ 997	$ 759	$ 1,993	$ 1,518
Amortization of right-of-use assets	330	252	654	499
Total financing lease costs	$ 1,327	$ 1,011	$ 2,647	$ 2,017

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	9

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 129,775,888	$ 106,338,864
Rental housing
Segment Reporting Information [Line Items]
Total assets	54,676,426	44,167,486
Industrial
Segment Reporting Information [Line Items]
Total assets	22,194,033	20,898,801
Net Lease
Segment Reporting Information [Line Items]
Total assets	9,052,940	5,219,519
Hospitality
Segment Reporting Information [Line Items]
Total assets	3,078,446	3,084,271
Office
Segment Reporting Information [Line Items]
Total assets	2,780,382	1,232,392
Self Storage
Segment Reporting Information [Line Items]
Total assets	2,368,258	1,886,376
Data Centers
Segment Reporting Information [Line Items]
Total assets	2,834,619	1,905,660
Retail
Segment Reporting Information [Line Items]
Total assets	2,799,047	1,689,575
Investments in Real Estate Debt
Segment Reporting Information [Line Items]
Total assets	28,079,720	24,221,005
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 1,912,017	$ 2,033,779

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 1,723,001	$ 810,183	$ 3,242,066	$ 1,543,638
Expenses:
Total expenses	785,411	323,078	1,455,861	616,463
(Loss) income from unconsolidated entities	(59,714)	70,028	124,511	104,710
(Loss) income from investments in real estate debt	(141,381)	82,107	(159,750)	284,873
Change in net assets of consolidated securitization vehicles	(43,934)	34,466	(59,609)	71,061
Loss from investments in equity securities	(318,422)	153,640	(419,583)	244,751
Segment net operating income (loss)	374,139	827,346	1,271,774	1,632,570
Depreciation and amortization	(958,349)	(399,621)	(1,873,400)	(800,008)
General and administrative	(11,753)	(7,789)	(24,859)	(14,749)
Management fee	(212,628)	(92,183)	(401,778)	(165,278)
Performance participation allocation	(211,597)	(299,373)	(623,166)	(442,588)
Impairment of investments in real estate	0	0	0	0
Net gain on dispositions of real estate	217,152	7,372	422,414	22,802
Interest income				95
Interest expense	(415,764)	(181,520)	(722,223)	(363,147)
Loss on extinguishment of debt	(8,794)	(2,757)	(7,399)	(6,173)
Other income	609,686	(28,057)	1,244,150	(11,222)
Net loss	(617,908)	(176,582)	(714,487)	(147,698)
Net loss (income) attributable to non-controlling interests in third party joint ventures	37,284	(264)	81,539	(323)
Net loss attributable to non-controlling interests in BREIT OP unit holders	11,614	2,089	12,270	1,736
Net loss attributable to BREIT stockholders	(569,010)	(174,757)	(620,678)	(146,285)
Net realized and unrealized loss on equity securities	327,400	142,500	452,500	224,800
Rental housing
Revenues:
Total revenues	923,627	320,571	1,757,513	623,088
Expenses:
Total expenses	487,712	150,642	907,264	290,583
(Loss) income from unconsolidated entities	(28,398)	0	(57,198)	0
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	(207,182)	95,442	(282,683)	151,495
Segment net operating income (loss)	200,335	265,371	510,368	484,000
Depreciation and amortization	(602,376)	(167,944)	(1,175,344)	(335,986)
Industrial
Revenues:
Total revenues	345,025	232,647	691,928	457,241
Expenses:
Total expenses	110,709	71,326	221,238	144,149
(Loss) income from unconsolidated entities	(25,167)	44,892	199,552	54,228
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	(49,129)	33,769	(56,625)	55,411
Segment net operating income (loss)	160,020	239,982	613,617	422,731
Depreciation and amortization	(204,705)	(134,124)	(413,071)	(263,495)
Net Lease
Revenues:
Total revenues	116,226	82,794	199,021	165,589
Expenses:
Total expenses	310	249	606	470
(Loss) income from unconsolidated entities	25,100	25,136	50,374	50,482
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	31,028	22,085	27,334	30,963
Segment net operating income (loss)	172,044	129,766	276,123	246,564
Depreciation and amortization	(40,253)	(28,637)	(68,890)	(57,136)
Data Centers
Revenues:
Total revenues	11,247	6,405	19,428	12,421
Expenses:
Total expenses	1,890	865	3,162	1,914
(Loss) income from unconsolidated entities	(46,675)	0	(85,144)	0
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	(37,318)	5,540	(68,878)	10,507
Depreciation and amortization	(3,557)	(2,525)	(7,114)	(5,049)
Hospitality
Revenues:
Total revenues	202,028	105,978	351,932	165,797
Expenses:
Total expenses	135,814	75,093	239,275	130,773
(Loss) income from unconsolidated entities	0	0	0	0
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	66,214	30,885	112,657	35,024
Depreciation and amortization	(27,758)	(22,869)	(54,834)	(45,576)
Self Storage
Revenues:
Total revenues	58,551	35,834	106,897	68,805
Expenses:
Total expenses	26,660	17,253	47,691	32,961
(Loss) income from unconsolidated entities	0	0	0	0
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	31,891	18,581	59,206	35,844
Depreciation and amortization	(33,669)	(32,063)	(65,001)	(69,814)
Retail
Revenues:
Total revenues	36,187	15,124	68,067	30,311
Expenses:
Total expenses	13,874	4,626	23,793	9,535
(Loss) income from unconsolidated entities	330	0	141	0
(Loss) income from investments in real estate debt	0	0		0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	22,643	10,498	44,415	20,776
Depreciation and amortization	(30,792)	(6,575)	(66,073)	(14,185)
Office
Revenues:
Total revenues	30,110	10,830	47,280	20,386
Expenses:
Total expenses	8,442	3,024	12,832	6,078
(Loss) income from unconsolidated entities	15,096	0	16,786	0
(Loss) income from investments in real estate debt	0	0	0	0
Change in net assets of consolidated securitization vehicles	0	0	0	0
Loss from investments in equity securities	(93,139)	2,344	(107,609)	6,882
Segment net operating income (loss)	(56,375)	10,150	(56,375)	21,190
Depreciation and amortization	(15,239)	(4,884)	(23,073)	(8,767)
Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
(Loss) income from unconsolidated entities	0	0	0	0
(Loss) income from investments in real estate debt	(141,381)	82,107	(159,750)	284,873
Loss from investments in equity securities	0	0	0	0
Segment net operating income (loss)	(185,315)	116,573	(219,359)	355,934
Depreciation and amortization	0	0	0	0
Rental revenue
Revenues:
Total revenues	1,449,093	680,809	2,752,813	1,333,725
Expenses:
Total expenses	649,599	247,985	1,216,586	485,690
Rental revenue | Rental housing
Revenues:
Total revenues	864,047	302,095	1,643,284	590,548
Expenses:
Total expenses	487,712	150,642	907,264	290,583
Rental revenue | Industrial
Revenues:
Total revenues	338,790	230,503	679,558	451,247
Expenses:
Total expenses	110,709	71,326	221,238	144,149
Rental revenue | Net Lease
Revenues:
Total revenues	116,226	82,794	199,021	165,589
Expenses:
Total expenses	310	249	606	470
Rental revenue | Data Centers
Revenues:
Total revenues	11,247	6,405	19,428	12,421
Expenses:
Total expenses	1,890	865	3,162	1,914
Rental revenue | Hospitality
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	2	0	0	0
Rental revenue | Self Storage
Revenues:
Total revenues	54,280	33,673	99,487	64,648
Expenses:
Total expenses	26,660	17,253	47,691	32,961
Rental revenue | Retail
Revenues:
Total revenues	35,587	14,667	66,960	29,097
Expenses:
Total expenses	13,874	4,626	23,793	9,535
Rental revenue | Office
Revenues:
Total revenues	28,916	10,672	45,075	20,175
Expenses:
Total expenses	8,442	3,024	12,832	6,078
Rental revenue | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality
Revenues:
Total revenues	197,652	102,660	344,897	160,803
Expenses:
Total expenses	135,812	75,093	239,275	130,773
Hospitality | Rental housing
Revenues:
Total revenues	0	0		0
Expenses:
Total expenses	0	0	0	0
Hospitality | Industrial
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Net Lease
Revenues:
Total revenues	0	0		0
Expenses:
Total expenses	0	0	0	0
Hospitality | Data Centers
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Hospitality
Revenues:
Total revenues	197,652	102,660	344,897	160,803
Expenses:
Total expenses	135,812	75,093	239,275	130,773
Hospitality | Self Storage
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Retail
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Office
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Hospitality | Investments in Real Estate Debt
Revenues:
Total revenues	0	0	0	0
Expenses:
Total expenses	0	0	0	0
Other revenue
Revenues:
Total revenues	76,256	26,714	144,356	49,110
Other revenue | Rental housing
Revenues:
Total revenues	59,580	18,476	114,229	32,540
Other revenue | Industrial
Revenues:
Total revenues	6,235	2,144	12,370	5,994
Other revenue | Net Lease
Revenues:
Total revenues	0	0	0	0
Other revenue | Data Centers
Revenues:
Total revenues	0	0	0	0
Other revenue | Hospitality
Revenues:
Total revenues	4,376	3,318	7,035	4,994
Other revenue | Self Storage
Revenues:
Total revenues	4,271	2,161	7,410	4,157
Other revenue | Retail
Revenues:
Total revenues	600	457	1,107	1,214
Other revenue | Office
Revenues:
Total revenues	1,194	158	2,205	211
Other revenue | Investments in Real Estate Debt
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0

Subsequent Events - (Details)

Subsequent Events - (Details) - Subsequent Event $ in Thousands	1 Months Ended
	Aug. 12, 2022 USD ($) segment	Aug. 09, 2022 USD ($)
American Campus Communities, Inc.
Subsequent Event [Line Items]
Payments to acquire investments		$ 12,800,000
Ownership Interest		69%
Unsecured Revolving Credit Facility
Subsequent Event [Line Items]
Unsecured term loan	$ 1,600,000
Proceeds from issuance of debt	1,400,000
Future funding capacity	200,000
Unsecured Revolving Credit Facility | Unsecured Term Loans Issued
Subsequent Event [Line Items]
Proceeds from issuance of debt	$ 1,000,000
Number of loans | segment	2
Debt term	2 years
Debt renewal term	2 years